However, over the past year there have been some sizeable changes in the market for Australian dollar swaps. The Reserve Bank's policy actions have played a part here by providing plenty of Australian dollar liquidity. For example, to date the Reserve Bank has provided Australian banks with $ billion of low-cost funding for terms of 3 years via the Term Funding Facility.
At the same time, the banks have seen strong growth in their deposits and slower growth of their assets. The net result is that they have been well funded, with minimal need to issue bonds over the past year.