The Australian Prudential Regulation Authority’s second quarter statistics, released yesterday, contain a clear message – the cycle has peaked and it’s now on the downward slope.

While total assets were up for the quarter ($66.4 billion compared to $63 billion for the corresponding period last year), liabilities for the industry stood at $46.9 billion for the quarter ­– up more than $1 billion on last year’s second quarter.

Total net premiums for the industry stood at $80.4 billion – down more than $7 billion on last year’s period.

Investment revenue was up about $3 billion on last year’s figure, standing at $23.6 billion.

Claims stood at $19.1 billion – slightly better than the corresponding period last year.