In a month where over growth was low, the smallest of the main banks still managed to outperform their much larger rivals

The growth in household deposits slowed significantly in May, according to the latest update released by APRA.

The +$2.7 bln increase is the least since the surprising dip in June 2025. And Commbank's -$830 mln drop comes in stark contrast to each of the other main bank's rises in the month. Commbank's retreat certainly wasn't the only bank to go backwards, but it is by far the largest.

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All the main banks continue to suffer volatility in their household deposit balance growth. But one of them stands out with a consistent expansion - Macquarie.

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For every month in 2026, Macbank has added at least +$2 bln to their household deposit balances, an impressive consistency, and in stark contrast to how their rivals have been faring.

High offered interest rates and savvy online marketing is drawing in customers. And it is allowing them to fund an aggressive and equally impressive growth in their home loan mortgage book, winning more market share for both owner occupiers and residential investors in May than any other bank. And this is despite their share still only at 5%, the lowest of their main rivals (Commbank has 25% share, Westpac 21% share, NAB and ANZ about 14% share.)