The chairman of the Australian Prudential Regulation Authority (APRA), Wayne Byres, has responded to Monday’s ABC Report (discussed yesterday) about a “secret” report from APRA showing that the regulator was deeply concerned about mortgage risks in the lead-up to the GFC, but took few actions, leaving the Australian banking system in a riskier position today.
According to Byres, APRA has taken action to reign-in dodgy lending, although he admits that the latest property boom has displayed lending practics “eerily similar” to those present in the lead-up to the GFC. From The ABC:
