The regulator has moved to tighten lending criteria but that will do little for housing affordability and nothing for equality.
Prudential regulators moved this morning to tighten “macro-prudential” controls on lending — the Australian Prudential Regulation Authority lifting from 2.5% to 3% the interest buffer it wants banks to use when assessing how much borrowers can safely service.
“While the banking system is well capitalised and lending standards overall have held up, increases in the share of heavily indebted borrowers, and leverage in the household sector more broadly, mean that medium-term risks to financial stability are building,” APRA chair Wayne Byres said.
The move has nothing to do with housing affordability — but because of our media myopia about property it will be seen entirely through that lens.
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About the Authors
Politics Editor @BernardKeane
Bernard Keane is Crikey’s political editor. Before that he was Crikey’s Canberra press gallery correspondent, covering politics, national security and economics.
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