Via the AFR this morning:
Australia’s banks will be forced to find an additional $70 billion of funding as superannuation funds shift out of cash into international assets while indebted households draw down on their savings.
The widening of the so-called “funding gap”, which measures the difference between bank loans and deposits, comes amid a crisis-like blowout in short-term funding that is increasing bank funding costs and has already prompted the non-major banks to enact “out-of-cycle” mortgage rate rises.
