This share is the highest it has been in a number of decades and the last time it was close to this in 2008, inflation was well above target and the Bank was increasing the policy rate.
More recently, with renewed interest in market securities and a slowing of mortgage re-financings - and their associated buildup in deposits - core deposits have weakened. History suggests that, as the economy strengthens further, deposit substitutes again will become more attractive to bank customers, requiring competitive responses in bank deposit offering rates and reliance on non-core sources.