We are analysing the Australian borrower short term debt market, both domestic and international, until the 31st of May, 2026. The data for the domestic market is sourced from the latest Reserve Bank if Australia, Money and Credit Statistics release from the 9th of July, 2026. The data for the international market is sourced from CMDportal's ISIN-by-ISIN database. See the 'Where is this Data Coming from?' below to understand the exact filters we used.
Quick Takes
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Bifurcated Growth in FIG Outstanding: Financial Institutions continue to dominate both domestic and offshore Australian money markets, with AUD 223.6bn and USD 112.9bn outstanding, respectively. Growth is increasingly concentrated offshore, where FIG outstandings rose USD 19.8bn (+21.3%) YoY, outpacing the AUD 14.4bn (+6.9%) increase in domestic FIG supply. This points to continued reliance on offshore markets for FX funding and deeper liquidity pools.
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Currency Effects Amplify Domestic Growth: A stronger AUD/USD spot rate, up 11.7% YoY, lifted the USD value of domestic outstandings to USD 215.8bn, up USD 37.7bn (+21.2%) YoY. This FX translation effect amplifies the underlying 8.5% YoY domestic-currency expansion, partially obscuring the fact that active cross-border growth remains centred in offshore markets.
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Data Fragmentation and FX Vulnerabilities Persist: Domestic data capture AUD 300.2bn of onshore outstandings but exclude USD 118.8bn issued internationally. With 96.1% of offshore Australian short-term debt denominated in foreign currencies, led by USD, HKD, GBP and EUR, fragmented reporting obscures entity-level leverage, refinancing pressure and FX liquidity risk.
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