APRA is out with its monthly banking statistics and it the news is better this month some potential trend breaking moves around deposit flows. First, month on month deposit growth rose to its highest in a year:
Year on year held firm:
And the aggregate is accelerating once more:
The change was largely driven by households, which broke out the declining trend in growth to post the highest month on month jump since the GFC:
My guess is this is the result of the volatility that returned to the stock market in July. That and perhaps some tax return action. It’s just as well, anyway, because other deposit sources dried up. Financial corporates pulled cash:
And regular corporates are still declining:
In year on year terms, it is interesting to note that the fall in corporate deposits is becoming marked, not sure why, there’s no investment going on:
Cash drain?
