Australian interest rates Australian Property

Property investors drive credit meltup

Monday 2 February 2026

In this post-truth world, everything old is new again.

Does anyone even remember the 2016 APRA macroprudential 10% speed limit on property investors that MB agitated for?

Not really. The forgetful includes APRA, as Australia’s irrepressible class of speculators charges back towards the speed limit in a new credit cycle.

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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.