Data on Monday for instance showed retail sales rose 0.8 percent in September from a month earlier, well above market expectations for a 0.3 percent rise.
"The key risk factors are a sharp rise in interest rates and or an increase in unemployment which would increase bad-debt expenses for the majors," said Scoular, talking about the risks to Australia's banks on CNBC Asia's "Cash Flow" on Monday.
Nathan Bell, research director at Intelligent Investor, added: "Valuations for the top four Australian banks are higher than at the time of the global financial crisis, there's no margin of safety at current values."
(Read more: China could cut short rally in Aussie dollar)
Still, analysts said signs of a pick-up in credit growth at businesses were a positive sign for the banking sector in the months ahead.
Annual Australian credit growth stands at 3.3 percent, down from 15 percent in 2007 and housing credit growth is at around 5 percent, down from 20 percent a decade ago, Reuters reported.
"All these [bank earnings] results have been driven by cost reductions, by bad debt reductions, they have not been driven by growth in business credit. So the issue going into 2014 could be whether we will see demand in business credit," said Colquhoun at East and Partners.
(Read more: Aussie dollar could tumble 25% by 2016, warns SocGen)
"We've seen some indications that with the election out of the way there's a bit of interest from businesses of all sizes to start borrowing again," he added, referring to Australian elections that took place in September.
— By CNBC.com's Dhara Ranasinghe; Follow her on Twitter