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- Money in the bank now $200 billion higher than since the start of the hikes + Westpac home loan growth surges ahead
Money in the bank now $200 billion higher than since the start of the hikes + Westpac home loan growth surges ahead
Australians squirrelled away $4.69 billion in the month of April as money in the bank from households continues to hit new heights.
The latest APRA monthly banking statistics, released today for the month of April, shows the total amount saved in the bank from households is now $1.474 trillion – a new record high.
This means household deposits have now risen by over $200 billion since the start of the rate hikes (April 2022 vs April 2024).
Note: deposits from households include term deposits, transaction accounts, mortgage offset accounts and savings accounts.
Total deposits by households, April 2024
| Amount | Monthly change | Year-on-year change | Since start of hikes |
| $1.474 trillion | +$4.69 billion | +$100.59 billion | +$204.34 billion |
| +0.32% | +7.32% | +16.09% |
Source: APRA monthly authorised deposit-taking institution statistics.
Total deposits by households: APRA
Source: APRA monthly banking statistics.
Home loan books continue to grow
The total value of housing loans to households - which includes both owner-occupied and investor loans - increased by $9.38 billion in the month of April, or 0.4 per cent, with all four big banks recording growth in their loan books.
Westpac posted the biggest growth out of the big four banks with a monthly increase of $3 billion, which translates into a 0.6 per cent increase in its loan book.
Macquarie also surged ahead this month with a $1.15 billion rise in the total value of its home loan book (1.0%).
Big four banks + Macquarie: loans to households, housing: April 2024
| Amount | Monthly change | Year-on-year change | Current share of ADI* market (April) | |
| CBA | $551.92 billion | $2.30 billion
+0.4% | $9.74 billion
+1.8% | 25.2% |
| Westpac | $469.46 billion | $3.00 billion
+0.6% | $25.13 billion
+5.7% | 21.4% |
| NAB | $319.15 billion | $539 million
+0.2% | $11.64 billion
+3.8% | 14.6% |
| ANZ | $296.53 billion | $1.30 billion
+0.4% | $20.40 billion
+7.4% | 13.5% |
| Macquarie | $116.80 billion | $1.15 billion
+1.0% | $11.66 billion
+11.1% | 5.3% |
| All ADI loans | $2.189 trillion | $9.38 billion
+0.4% | $98.17 billion
+4.7% | 100.0% |
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, said: “Money in the bank hit yet another record high in the month of April, despite the fact the full force of the RBA’s 13 rate hikes is now weighing down on those with a mortgage, alongside every other cost-of-living pressure.”
“Since the start of the hikes in May 2022, the total value of household deposits has taken just one backwards step, recorded in June 2023. Every other month it has climbed in stark defiance to the rate hikes,” she said.
“While the growth in deposits in April was around half of what it was in March, and the smallest increase in almost a year, a $4.69 billion increase for the month is still reasonably impressive.
“The problem is, this data only tells part of the story. While many Australians are fixated on stashing every spare dollar they can, plenty of households have been forced to eat into their savings because their monthly budget no longer stacks up.
“Australia’s home loan balance sheet surged ahead in the month of April, rising by $9.38 billion in just one month.
“Westpac posted the largest rise out of the big banks in April, with an impressive $3 billion increase in the value of housing loans on its books.
“Competitive pricing and the offering of cashback via subsidiaries St George and BankSA are likely to have played a leading role in this growth.
“It will be interesting to see what impact the bank’s withdrawal from the cashback game will have on its home loan book once St George, BankSA and RAMS wrap up these incentives on 30 June,” she said.
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Product database updated 27 Dec, 2024
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