Bank deposit growth slowing?

APRA released its monthly banking statistics for September late last week and deposit growth has slowed a little. First the aggregate deposits chart:

Not much to see here but on the month on month growth chart the recent down-shift is more obvious:

Not yet a trend break, though I expect one in the next six months. There is a little down trend forming which is more obvious on the year on year chart:

This will be crucial to watch vis-a-vis whether bank deposits can keep pace with the planned jump in mortgage credit as mining investment wanes.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.