There’s a simple question racing around the Australian equity market right now: why isn’t anyone buying the dip, particularly in our all-conquering bank stocks?

The ASX 200 lost another 1.6 per cent on Friday after another tumultuous night on Wall Street. The local index has now lost 6.9 per cent since hitting a record high on February 14, even greater than the 6.6 per cent fall that has rocked the S&P 500 since its peak on February 19.