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The moment I’ve been waiting for for a couple of years appears to have arrived. Yesterday APRA released its monthly banking statistics and its record of deposits growth showed some interests shifts. Month-month growth has been tending down since mid last year:
Year-on-year growth remains around 8% but will soon begin to fall:
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More importantly at this stage, it is clear that financial corporate deposits (a proxy for spare cash) is falling fast:
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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.
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