Australian Housing Dynamics and Affordability
IMPACTS OF RATE MOVEMENTS
BILLS/OIS SPREAD
bps
65
60
55
50
45
40
35
25
20
O5O505
15
10
30
3.0
2.5
CAPITAL & REPLICATING
DEPOSITS PORTFOLIO
(AUSTRALIA)
%
CAPITAL² & REPLICATING
DEPOSITS PORTFOLIO
2.0-
1.5
1.0
0
0.5
Oct-
Jan-
Apr-
17
18
18
Jul- Oct-
18
18
Jan- Apr- Jan-
19
19
19
Sep-
19
-
1.
2.
Spot 3mth Bills/OIS Spread
Rolling 90 days
Oct- Jan-Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul-Sep-
16 17 17 17 17 18 18 18 18 19 19 19
19
-
3mth BBSW (Monthly Average)
-
Portfolio Earnings Rate
FY18 Ave¹: 36.3bps
FY18 Ave: 2.29%
1H18 Ave: 24.4bps
2H18 Ave: 48.1bps
1H18 Ave: 2.29%
2H18 Ave: 2.28%
FY19 Ave¹: 37.5bps
FY19 YTD Ave: 2.08%
1H19 Ave: 48.0bps
2H19 Ave: 27.0bps
1H19 Ave: 2.21%
2H19 Ave: 1.95%
90 day rolling average of spot 3mth Bills/OIS spread
Includes other Non-Interest Bearing Assets & Liabilities
AUST
NZ
APEA
Volume ($A)
~60bn
~20bn ~10bn
Target Duration
Rolling 3 to 5 years Various
Proportion Hedged
~70%
~75% Various
ANZ
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