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The release of the Australian Bureau of Statistics (ABS) National Financial Accounts yesterday revealed a large $38 billion (4%) fall in Australian banks’ gross external liabilities (offshore borrowings) in the March quarter, with borrowings receding from December’s record high.
This fall in offshore borrowings was driven by a fall in One Name Paper (-$27 billion) and Deposits (-$10 million):
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.