Australian Treasurer Josh Frydenberg has met with regulators over the need for plans to address the ballooning levels of household debt. Last Friday, Frydenberg spoke about the current state of the housing market with the Council of Financial Regulators, chaired by the Reserve Bank of Australia (RBA) governor Philip Lowe and which members include the…
Australian Treasurer Signals for Home Loan Crackdown Amid Rising Household Debt
Reserve Bank of Australia Passes the Baton for Tightening Home Loan Policy to Government and Regulators
The Reserve Bank of Australia (RBA) has clearly distanced itself from the responsibility to control residential housing prices, passing it onto the government and industry regulators. In an online address, RBA governor Philip Lowe said that raising interest rates would address house price concerns at the expense of other areas of the economy. “I want to…
Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling
Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices…
Economic Recession in Australia Possible, but Unlikely: RBA
Reserve Bank of Australia said the country might experience a recession over the next half-year if COVID-19 outbreaks worsen but think it’s “unlikely.” RBA Governor Philip Lowe told the House of Representatives economics committee on Friday that the extent of economic contraction in the next few months depended on the length of lockdowns and the…
Cash Rate Likely to Remain Unchanged: Reserve Bank
May 31, 2021
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While Australia’s housing market boomed without constraint over the last few months, partly due to record low-interest rates, the cash rate is unlikely to change in Tuesday’s monthly monetary board meeting. The Reserve Bank of Australia’s (RBA) statistics for lending and credit show overall mortgages rose by 0.5 percent in April and 4.4 percent over…
Reserve Bank of Australia Holds Cash Rate Amid Red Hot Housing Market
April 7, 2021
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AustraliaAustralian Housing Lendingaustralian housing marketAustralian Prudential Regulation AuthorityInternationalphilip loweReserve Bank of AustraliaWorld
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The Reserve Bank of Australia (RBA) has said it would continue to “carefully” monitor trends in housing borrowing after announcing it will hold the cash rate at the current record low 0.1 percent. Following the bank’s monthly meeting, RBA Governor Philip Lowe noted Australia’s economic recovery was much stronger than initially expected. However, despite the…
Australian Home Prices Grow at Fastest Rate in 32 Years
The value of Australian homes has grown in March at its fastest rate in 32 years as buyers turn their attentions away from regional areas to the capital cities, according to property researcher CoreLogic. The latest data shows that national growth in home values reached 2.8 percent last month, the highest since October 1988 (3.2 percent)….
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