The Australian Bureau of Statistics (ABS) last week released its National Financial Accounts for the June quarter, which revealed a small large 2% quarterly rise in Australian banks’ gross external liabilities (offshore borrowings) in the June quarter, but a big 5% reduction over the year and a sharp contraction relative to Australia’s GDP.
Bonds (+$10 billion) and loans issued offshore (+$5 billion) drove the quarterly lift on offshore borrowings by the banks over the June quarter:
