Australia's booming housing market is leading to a build up of consumer debt that could become a risk to financial stability, a top central banker cautioned on Wednesday, while also noting the strength was positive for the economy overall.
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In a speech on housing, Reserve Bank of Australia (RBA) Assistant Governor Michelle Bullock said regulators were closely watching bank lending standards and household debt as credit growth outpaced growth in incomes.
"A high level of debt could pose risks to the economy in the event of a shock to household incomes or a sharp decline in housing prices," said Bullock, who heads the RBA's financial system division.
"Whether or not there is need to consider macro-prudential tools to address these risks is something we are continually assessing."
Regulators tightening lending rules in 2014 and 2017 to rein in borrowing, particularly for interest-only loans.
Bullock said this time the risks stemmed from highly indebted borrowers so the tools used should focus on debt serviceability and limits on how much could be borrowed.
She noted that investor activity in the housing market was currently nowhere near the levels it was in 2014 when Australia's main banking regulator, APRA, introduced an investor lending benchmark.