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On Thursday, the Australian Bureau of Statistics (ABS) released its National Financial Accounts for the December quarter, which revealed a $11 billion (1%) rise in Australian banks’ gross external liabilities (offshore borrowings) over the quarter, but with borrowings down 1% over the year.
One Name Paper (+$8 billion), Deposits (+$5 billion) and loans (+$5 billion) drove the quarterly rise in offshore borrowings by the banks:
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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.