From UBS, who is doing pushing the lending rebound? One word, Macquarie Bank:
MQG has been very active in the mortgage market in the last 6 mths, growing consistently above system (3.6x system in Aug.), and picking up ~15bp of market share – at 1.1%, MQG is now half the mortgage share of BOQ. While MQG is coming from a low base (mortgage book $13.8bn), its housing book grew $313m in August, around double that of SUN ($128m), and almost half that of WBC ($666m). MQG’s younger mortgage book (lower runoff) and strong flows via YBR and brokers, should support its further momentum.
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.
