why oz banks borrow money from foreign banks?, page-10

Anon, yes, but Basel III reduces the leverage. And our banks are required to comply quicker than other countries' banks, in fact one year before Basel III itself requires it.

And although cash does = 6% of deposits, most of that cash is in circulation, not in the banks. I'd be surprised if the banks had 1% of actual foldy stuff, the rest being in cash registers and peoples' wallets.