Worried households stick with cash

HOUSEHOLDS and businesses continued to divert funds into bank accounts as worries about the outlook for the global economy intensified during September.

The increase in deposits coincided with wild swings in equities as fractures in Europe deepened, although the pace of growth slowed from August.

Figures released by the Australian Prudential Regulation Authority showed $12.3 billion in deposits were pumped into the banking system during September, with most of the increase coming from households. The latest increase came on the back of $27 billion being put into the system during August.

Fast-paced growth in deposits over the past two years has been a boon for banks because it reduces their reliance on global money markets.

The banking system saw a 0.9 per cent increase in deposits to $1.43 trillion, the APRA figures show. This outpaced lending growth of just 0.6 per cent during the month.

Read more at brisbanetimes.com.au



Foot loose CEOs hit the floor for DV support

Premium Content Foot loose CEOs hit the floor for DV support

A major fundraiser will aim to contribute $400,000 to the Women’s Legal Service

Ipswich beatboxer turns soft drink cans ‘into orchestra’

Premium Content Ipswich beatboxer turns soft drink cans ‘into orchestra’

Musician embarks on unusual project for mega drink company

Building watchdog cracks down on dodgy storm repairs

Premium Content Building watchdog cracks down on dodgy storm repairs

Thousands still await roof repairs following freak storms from October last year