The Australian Bureau of Statistics (ABS) yesterday released its National Financial Accounts for the March quarter, which revealed a 2.9% quarterly decline in Australian banks’ gross external liabilities (offshore borrowings), and a 0.2% decrease over the year.
One Name Paper (-$21 billion), Bonds (-$10 billion) and Deposits (-$9 billion) drove the quarterly decline in offshore borrowings by the banks over the March quarter, partly offset by a $10 billion rise in loans and a $4 billion increase in Other:
