Some of that deposit growth was likely temporary as businesses drew on precautionary lines of credit and rba4-local.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html  13/18  30/06/2020  The Reserve Bank's Policy Actions and Balance Sheet | Speeches | RBA  placed the funds drawn on deposit at a bank. And we have seen some of this reverse since April.
But some of the increase in deposits is likely to be more long-lasting. Graph 9  Hence as a result of the RBA's recent policy actions, there has been a substantial increase in system liquidity in the form of ES balances held by the banking system, which is evident on the RBA's balance sheet.