"Could the aust banks ever reach price-to-book values of 0.5 if things turn pear shaped?"
Sure. But it won't happen easily.
For context, the banks didn't even trade at that sort of level even at the very peak of the GFC.
So, if Australian banks trade at 0.5x book value, it will be because things are so dire that we will all have far greater things to worry about!
Ann: Preliminary Announcement of Annual Results 2018, page-28
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