Stuffed Aussie banks retreat from offshore debt

By Leith van Onselen

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:

There are 1029 words left in this subscriber-only article.

Start your free 14-day trial today!

Comments are hidden for Membership Subscribers only.