Household deposits hit $1.5 trillion: APRA

Australians squirrelled away an extra $30.81 billion in the month of July, as deposits from households hit another record high.

The latest APRA monthly authorised deposit-taking institution statistics, released today for the month of July, shows the total amount saved in the bank from households is now $1.50 trillion.

This means household deposits have now risen by over $230.20 billion since the start of the rate hikes (April 2022 to July 2024 inclusive).

Note: deposits from households include term deposits, transaction accounts, mortgage offset accounts and savings accounts on the books of authorised deposit-taking institutions (ADIs).

Total deposits by households, July 2024

Source: APRA monthly authorised deposit-taking institution statistics.

Total deposits by households: APRA

Source: APRA monthly authorised deposit-taking institution statistics.

Monthly growth in deposits by households: APRA

Source: APRA monthly authorised deposit-taking institution statistics.

Banks with the largest value of household deposits - July 2024

Source: APRA monthly authorised deposit-taking institution statistics, released 30 August 2024.

Home loan books continue to grow

The total value of housing loans to households - which includes both owner-occupied and investor loans - increased by $6.77 billion in the month of July, or 0.31 per cent.

ANZ led the big four banks in terms of percentage growth, with a 0.43 per cent monthly increase - or $1.29 billion in dollar terms - to its loan book.

NAB posted a slight dip in its home loan book in July, down $329.4 million or -0.10 per cent in the month. However, the longer term trend for NAB continues to be one of growth, up $9.7 billion (3.12%) year-on-year.

Once the ANZ-Suncorp merger is finalised, ANZ is set to move into third position as the big banks continue to fight for home loan market share.

Big four banks + Macquarie + Suncorp: loans to households, housing: July 2024

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 money editor, Laine Gordon, said: “Money in the bank has hit another record high in the month of July, despite the fact that cost of living pressures are rising.”

“At $1.50 trillion, this sets a record for household deposits, as some Australians have shown resilience in the face of 13 rate hikes and soaring inflation,” she said.

“However, this bumper July growth comes off the back of a drop in household deposits in June, albeit a small dip of 0.78 per cent in the month.

“Australians have historically poured more money into savings in July as tax returns hit their accounts. This year, families have had an extra boost as stage three tax cuts and government energy rebates free up more income.

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