RESERVE BANK OF AUSTRALIA

Monetary Aggregates: A series of measures of the values of currency on issue, current deposits
with banks, other deposits with banks, plus borrowings from the private sector by non-bank
financial institutions (NBFIs) less currency and bank deposits by NBFIs. Components consist of:
'M1' defined as currency plus bank current deposits from the private non-bank sector; 'M3'
defined as M1 plus all other authorised deposit-taking institution (ADI) deposits from the private
non-ADI sector, plus certificates of deposit issued by banks, less ADI deposits held with one
another; 'Broad money' defined as M3 plus other short-term liquid AFI liabilities held by the
private sector, except those held by other AFIs ; 'Money base' defined as holdings of banknotes
and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA)
and other RBA liabilities to the private non-bank sector