Big bank investor mortgages push towards macroprudential

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APRA is out with its April mortgage lending figures and the big banks are lifting investor participation in the property boom at a good clip now.

Monthly growth in April was 0.3% and pushing towards levels that APRA last tightened macroprudential rules in 2017. The unemployment rate was around the same then as it is now:

That said, annual growth is still lower than it was then at 0.7% versus 5% in 2017, plus the RBA want to be easier for longer to see “the whites of inflation’s eyes”, so there is no imminent move coming:

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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.