Zero progress on MP tightening in April

APRA has released its April banking statistics and it’s a washout so far as macroprudential tightening is concerned. Of the big six banks only one slowed investor lending growth and it remains well above the 10%line anyway:

10.5 9.5 74.8 13.9 12.1 10.3

Here’s the chart:



And including the Macquarie Bank mortgage free radical:


All of the movement has been in the last week so we’ll probably not see much progress before the June numbers.

Houses and Holes

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 fouding 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.

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