SYDNEY, Oct 8 (Reuters) – Australia’s central bank said there was a rising risk that the build up of household debt could destabilise the financial system and banks needed to maintain lending discipline amid a hot housing market.
In its semi-annual Financial Stability Review released on Friday, the Reserve Bank of Australia (RBA) said the banking system was generally sound and well capitalised, but there was a danger that “exuberance” in the housing market could see buyers take on too much debt.
Earlier this week, the Australian Prudential Regulation Authority (APRA), the country’s main banking watchdog, announced a modest tightening of home loan rules in reaction to the debt-fuelled boom in the housing market. (Reporting by Wayne Cole Editing by Shri Navaratnam)
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