ANZ's Australian Head, Phil Chronican, has weighed into the housing debate saying that tougher credit rules could be a sensible option if house price growth becomes unsustainable. He said that macroprudential policies, such as those now used in NZ are designed to ensure system-wide financial stability and are better than the blunt instrument of interest rates that would slow the entire economy. He notes however, that the housing market is not yet at the point where these policies are required, with neither the RBA nor APRA considering these rules either. (VIEW LINK)
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