Macquarie Bank growth: APRA data sharpens CBA capital debate

APRA’s August 2026 banking statistics show Macquarie Bank with $366.2 billion of resident assets, up 22.7 per cent over the past year, compared with growth of 6.6 per cent across the banking system.

The expansion is concentrated where Macquarie competes directly with the majors. Its housing loan book reached $187.9 billion, up 24.8 per cent over the year, against system growth of 5.9 per cent. Macquarie’s share of housing lending has risen from 6.4 per cent to 7.5 per cent in twelve months.

Investor housing is growing faster. Macquarie now has $72.6 billion of investor mortgages, up 27.0 per cent, giving it an 8.9 per cent market share.

The funding side is equally striking. Household deposits increased 33.8 per cent to $118.2 billion, lifting Macquarie’s share from 5.4 per cent to 6.7 per cent. Total resident deposits reached $238.5 billion, up 24.0 per cent.

These numbers give greater significance to Commonwealth Bank’s criticism of Macquarie’s capital treatment. CBA has argued that Macquarie’s non-operating holding company structure can produce different capital outcomes for comparable activities. Macquarie rejects that proposition, saying its bank operates on a level playing field and its pricing reflects business choices rather than a capital advantage.

The APRA monthly data cannot resolve that dispute. They measure Macquarie Bank’s domestic balance sheet, not the consolidated capital economics of Macquarie Group.

What they do show is why the issue matters. Macquarie is not merely growing faster than the system: in mortgages and deposits it is taking material market share. As it becomes a larger force in Australian retail banking, the economic consequences of any genuine difference in capital treatment become more important.