Banks re-commence offshore borrowing binge
By Leith van Onselen After one quarter of relative prudence, Australia’s banks re-commenced borrowing from offshore like drunken sailors, with gross external liabilities surging by $32.5 billion (3.8%) to a near record $891.3 billion, according to yesterday’s balance of payments release from the ABS: This borrowing binge was also driven by short-term (i.e.