Australian Banks "May 26 APRA: Strong headline growth, business led, but..."

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Australian Banks "May 26 APRA: Strong headline growth, business led, but..."

Global Research

30 June 2026ab

Australian Banks Equities

AustralasiaMay 26 APRA: Strong headline growth, business

led, but weaker investor mortgage pipeline Financial

John Storey, CFA

Analyst

john.storey@ubs.com

Credit growth was strong in May; business lending still outpacing +61-2-9324 3864

System credit grew +8.2% YoY in May, with business lending (+9.6%) continuing to Nicholas Sobolev

outpace housing (+6.9%). Total deposits grew +8.1% YoY, only modestly below credit Analyst

growth, suggesting the system remains comfortably funded. MQG was the standout in nicholas.sobolev@ubs.com

mortgages, while ING grew the strongest in business lending. ANZ lagged across almost +61-2-9324 3026

all categories, albeit was only slightly below system growth in mortgages in May. This

month’s data is the first reading since the government announced budget changes on

the 12th of May. Since then, bank management teams have reported a clear decline in

mortgage demand and application volumes.

Investor mortgages: so how are we doing? Still leading the mkt

Investor mortgage growth (+9.0% YoY) continued to outpace owner-occupier (+6.0%),

with the gap widening since mid-2025. MQG recorded the highest growth among

major institutions, while ANZ led the majors (+0.9% m/m vs system growth of 0.7% m/

m). Currently, the majors make up ~79% of investor mortgages (76% total mortgages),

with CBA the only major bank who has grown market share (+0.3%) over the past 12

months. Macquarie and ING have taken the greatest market share, while NAB has been

less reliant on investor mortgages, opting to grow more in owner occupied (market

share growing). Regionals continue to face pressure, with net book run off greater than