To the contrary, these digital platforms have crowded in more users into the formal financial system, with the number of accounts in commercial banks increasing from 4.5 million as at June 2015 to 7.4 million as at June 2017; while number of accounts in financial institutions licensed by the BoU (Commercial banks, Credit Institutions  4  and MDIs) rose by 3.3 million over a two year period to 9.3 million accounts as at June 2017.
This outlook is supported by a number of developments including: lower interest rates, the recent tax cuts, a depreciation of the Australian dollar, a brighter outlook for investment in the resources sector, some stabilisation of the housing market and ongoing high levels of investment in infrastructure.