Savers like NAB and ANZ term deposits

New figures from APRA, published on Friday, show deposit growth exceeded lending growth for the 16th consecutive month.

Retail deposits at the major banks grew by 9.7 per cent while term deposits were up by 15.3 per cent on one year ago.

CommSec estimated the term deposit growth was the fastest in seven months with NAB and ANZ lifting market share the most.

Lending growth in Australia has continued to stall, with credit demand now expanding by just 3.5 per cent.

Source: The Australian