From the SMH:
Australian banks have relied on wholesale finance to bridge a funding gap for the fourth month in a row, as an expansion in lending continues to outstrip deposit growth.
…But as lending increases, deposit growth is failing to keep pace, pushing banks to raise more debt from wholesale markets. During the year to June, there was a $14.7 billion funding gap between deposit and loan growth, as banks switched their focus towards other cheaper sources of funding.
Commonwealth Bank of Australia analyst Tariq Chotani said deposits from households and businesses had only funded 59 per cent of loan growth in the past year, compared with 85 per cent last calendar year.
For Christ’s sake, move APRA.