The Australian Bureau of Statistics (ABS) last week released its National Financial Accounts for the March quarter, which revealed a large 4.8% quarterly rise in Australian banks’ gross external liabilities (offshore borrowings), and a significant 9.8% increase over the year.
Bonds (+$24 billion) and One Name Paper (+$12 billion) drove the quarterly rise on offshore borrowings by the banks over the March quarter, partly offset by a $5 billion rise decrease in Deposits:
