The Australian Bureau of Statistics (ABS) yesterday released its National Financial Accounts for the September quarter, which revealed a small 0.2% quarterly fall in Australian banks’ gross external liabilities (offshore borrowings) in the September quarter, but a significant 4% reduction over the year and a sharp contraction relative to Australia’s GDP.
Deposits (-$14 billion) and loans issued offshore (-$3 billion) drove the quarterly fall on offshore borrowings by the banks over the September quarter, partly offset by a $13 billion rise in One Name Paper:
