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On Thursday, the Australian Bureau of Statistics (ABS) released its National Financial Accounts for the September quarter, which revealed a $15 billion (2%) decline in Australian banks’ gross external liabilities (offshore borrowings) in the September quarter, with borrowings also down 1% over the year.
Bonds issued offshore (-$11 billion), One Name Paper (-$9 billion) and loans (-$5 billion) drove the quarterly fall in offshore borrowings by the banks:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.