Preceding the first Australian recession in more than 30 years and pre-empting the chaotic upheaval in bad debts, stress, arrears and loan write offs ahead, the industry profit season of late 2022 will be one of a kind.
Survivors will be clear in 2023.
The self-destruction column will be celebrated and concepts of owner value and market capitalisation will be irrelevant.
Last time, each of Westpac and ANZ did their utmost to do themselves in.
This time, one of them will succeed. Perhaps both of them.