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APRA has released its monthly banking statistics for October and deposit growth has stabilised.
Monthly growth eased:
But year on year growth is stable above 6%:
The aggregate trend is solid:
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And households are sustaining their savings habits nicely:
Amid falling income growth across the nation this says to me that households remain prudent.
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.