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Household deposits grow by more than $10 billion in one month - featured image
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Household deposits grow by more than $10 billion in one month

key takeaways

Key takeaways

Another month, another record high for deposits as Australians stash their cash in defiance of the rate hikes.

Australians had more than $100 billion in the bank in November, than compared to the same time the previous year.

The total value of home loans also grew in the month of November to a total of $2.15 trillion.

Of course, there are two sides to every story – while some people’s nest eggs are getting bigger, other households have barely scraped through Christmas.

Australians seem to keen to hold on to their cash, ready for a rainy day and managed to stash more than $10 billion extra in the bank in the month of November alone.

The latest APRA data shows household deposits continue to climb, with Aussies stashing an extra $10.5 billion in the bank in the month of November alone.

Just to make things clear... deposits from households includes term deposits, transaction accounts, mortgage offset accounts and savings accounts.

This takes the total value of household deposits to a new record high of $1.43 trillion.

The latest data from APRA’s monthly authorised deposit-taking institution statistics, also shows Australians had more than $100 billion in the bank in November, than compared to the same time the previous year.

Deposits by household - APRA

Total deposits by households, November 2023

Household deposits

Source: APRA monthly authorised deposit-taking institution statistics

Loans to households: owner-occupier and investor

The total value of home loans also grew in the month of November to a total of $2.15 trillion.

This was a 0.43 per cent increase from the previous month and a 4.77 per cent increase from the same time a year ago.

All big four banks increased their loan books, with Westpac ahead at 0.48 per cent, ANZ at 0.47 per cent and NAB at 0.32 per cent. CBA’s growth of 0.24 per cent was the smallest of the big four as a proportion of its loan book, although much larger than its October figure, which recorded just 0.01 per cent of growth after three months of declines.

Macquarie is continuing its steadfast growth of its mortgage book, with a 1.07 per cent increase in November, the fourth consecutive month the bank has recorded an increase of over one per cent.

Big four banks + Macquarie: loans to households, housing

Amount Monthly change Year-on-year change Current share of ADI* market (Nov)
CBA $543.56 billion +$1.27 billion
0.24%
+$13.63 billion
+2.57%
25.28%
Westpac $460.13 billion +$2.21 billion
+0.48%
+$19.46 billion
+4.42%
21.40%
NAB $314.72 billion +$1.02 billion
+0.32%
+$10.76 billion
3.54%
14.64%
ANZ $289.07 billion +$1.37 billion
+0.47%
+$19.86 billion
7.38%
13.45%
Macquarie $113.30 billion +$1.19 billion
+1.07%
+$12.77 billion
12.70%
5.27%
All ADI loans $2.15 trillion +$9.23 billion
+0.43%
+$97.87 billion
+4.77%
100%

Source: APRA. *Authorised deposit-taking institutions.

Note: loans to households: housing is total of both owner-occupier and investor loans as recorded by APRA.

RateCity.com.au research director, Sally Tindall, commented :

“Another month, another record high for deposits as Australians stash their cash in defiance of the rate hikes.

This data illustrates just how determined people are to keep a hold of their cash, ready for a rainy day.

Australians managed to stash more than $10 billion extra in the bank in the month of November alone.

While the RBA is ultimately looking for evidence of people dipping into their savings, this is a positive sign that Australians are putting a priority on building themselves healthy buffers.

There are two sides to every story – so while some people’s nest eggs are getting bigger, other households have barely scraped through Christmas.

ANZ posted yet another healthy rise in its home loan book as it woos refinancers still looking for a cashback deal.

Westpac’s subsidiaries are also still flying the cashback flag which is likely to be at least partly responsible for the banking group’s above average growth in the month of November.

About Chris Dang is an accountant by training and has worked in the Financial Planning industry for many years. Chris brings together property, accounting, and financial planning experience to help clients of Metropole Wealth Advisory create a holistic plan for their wealth.
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