AUSTRALIA'S M-3 MONEY SUPPLY RISE 1.5 PCT IN MARCH
  Australia's M-3 money supply growth was
  1.5 pct in March and 11.3 pct in the 12 months to March, the
  Reserve Bank said.
      This compared with a revised rise of 0.5 pct in February
  and 11.1 pct in the year to end-February.
      The Reserve Bank said the M-3 data for March was affected
  by the start of the operations of &lt;National Mutual Royal
  Savings Bank Ltd>, which has resulted in the transfer of
  deposits (equivalent to around 1.5 pct of m-3) from the United
  Permanent Building Society to National Mutual Royal Savings
  Bank Ltd.
      The Reserve Bank said M-3 money supply in March was 110.77
  billion Australian dlrs compared with a revised 109.11 billion
  in February and 99.48 billion in March, 1986.
      M-3 is deposits of the private sector held by trading and
  savings banks plus holdings of notes and coins.
  

