Banks laugh at APRA’s investor loan limits

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APRA has released its monthly banking statistics and it’s time they discontinued the series given it is humiliating their so-called macroprudential line in the sand of 10% growth in investor mortgages. Of the biggest six banks, only Bank of Queensland and Commonwealth are below the line and the others are accelerating above it with Macquarie leading the way at a preposterous 79% year on year growth up from 71% in February, NAB is second at 13.6% up from 13.3% in the month, Suncorp decelerated to 12.1% from 14.1%, ANZ and Westpac both accelerated from 10.2% to 10.4%:

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The absolute monthly growth in loans by bank tells the tale:

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That’d be your February rate cut in action and your abjectly captured prudential regulator in total inaction.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.