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Money supply

A measure of liquidity in the economy (as shown by the quantity of cash in the hands of the public, plus deposits with banks). The term became popular in the 1960s and 1970s with the rise of monetarism (although the concept existed centuries before the monetarists gave it a new prominence). In Australia, the money supply measures range from the narrowest category, money base, to the widest measure, called broad money. In between are M1, M2 and M3. The money (or cash) base consists of currency in circulation and the deposits of the banks with the Reserve bank; broad money covers M3 plus borrowings by non-banks, including cash management trusts. The Reserve bank focuses on a broader measure of monetary movements - credit (being credit provided by financial institutions to the private sector).
M1 = currency plus total current deposits with banks, excluding commonwealth and state government deposits and interbank deposits;

M2 is no longer used in Australia (and M1 rarely referred to);

M3 = M1 plus other deposits (certificates of deposit and term deposits) with banks. M3 is therefore currency plus total bank deposits of the private non-bank sector, excluding government and interbank deposits.