{"id":10408,"date":"2014-07-27T20:53:06","date_gmt":"2014-07-28T00:53:06","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10408"},"modified":"2014-07-27T20:53:06","modified_gmt":"2014-07-28T00:53:06","slug":"world-wakes-to-apra-paralysis-macrobusiness","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/27\/world-wakes-to-apra-paralysis-macrobusiness\/","title":{"rendered":"World wakes to APRA paralysis | Macrobusiness"},"content":{"rendered":"

Posted by Houses & Holes<\/em><\/strong>:<\/p>\n

Bloomberg<\/a> has a penetrating piece today hammering RBA\/APRA complacency on house prices, which will be read far and wide in global markets (as well as MB is!):<\/p>\n

\n

Central banks from Scandinavia to the U.K. to New Zealand<\/a> are sounding the alarm about soaring mortgage debt and trying to curb risky lending. In Australia<\/a>, where borrowing is surging, regulators are just watching.<\/p>\n

Australia has the third-most overvalued<\/a> housing market on a price-to-income basis, after Belgium and Canada<\/a>, according to the International Monetary Fund<\/a>. The average home price in the nation\u2019s eight major cities rose 16 percent as of June 30 from a May 2012 trough, the RP Data-Rismark Home Value Index showed.<\/p>\n

\u201cThere\u2019s definitely room for caps on lending,\u201d said Martin North, Sydney-based principal at researcherDigital Finance Analytics<\/a>. \u201cGlobal house price indices are all showing Australia is close to the top, and the RBA has been too myopic in adjusting to what\u2019s been going on in the housing market.\u201d<\/p>\n

Australian regulators are hesitant to impose nation-wide rules as only some markets have seen strong price growth, said Kieran Davies<\/a>, chief economist at Barclays Plc in Sydney.<\/p>\n

\u2026\u201cThe RBA\u2019s probably got at the back of its mind that we\u2019re only in the early stages of the adjustment in the mining sector,\u201d Davies said. \u201cMining investment still has a long way to fall, and also the job losses to flow from that. So to some extent, the house price growth is a necessary evil.\u201d<\/p>\n

\u2026The RBA, in response to an e-mailed request for comment, referred to speeches and papers by Head of Financial Stability Luci Ellis.<\/p>\n

\u2026The RBA and APRA have acknowledged potential benefits of loan limits \u201cbut at this stage they don\u2019t believe that this type of policy action is necessary,\u201d said David Ellis<\/a>, a Sydney-based analyst at Morningstar Inc. \u201cIf the housing market was out of control and if loan growth, particularly investor credit, grew exponentially then it\u2019d be introduced.\u201d<\/p>\n<\/blockquote>\n

What do you call this, David:<\/p>\n

\"ScreenHunter_3294<\/a><\/p>\n

Reproduced with kind permission from Macrobusiness<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Posted by Houses & Holes: Bloomberg has a penetrating piece today hammering RBA\/APRA complacency on house prices, which will be read far and wide in global markets (as well as MB is!): Central banks from Scandinavia to the U.K. to New Zealand are sounding the alarm about soaring mortgage debt and trying to curb risky lending. In Australia, … <\/p>\n

Continue reading “World wakes to APRA paralysis | Macrobusiness”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31,10],"tags":[214,290,381,1702,1724,2860],"class_list":["post-10408","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","category-housing-economy","tag-apra","tag-australia","tag-banks","tag-home-mortgages","tag-house-prices","tag-rba"],"yoast_head":"\nWorld wakes to APRA paralysis | Macrobusiness - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World wakes to APRA paralysis | Macrobusiness - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Posted by Houses & Holes: Bloomberg has a penetrating piece today hammering RBA\/APRA complacency on house prices, which will be read far and wide in global markets (as well as MB is!): Central banks from Scandinavia to the U.K. to New Zealand are sounding the alarm about soaring mortgage debt and trying to curb risky lending. 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Thanks to\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15587,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/07\/07\/australia-faces-headwinds\/","url_meta":{"origin":10408,"position":1},"title":"Australia faces headwinds","author":"ColinTwiggs","date":"July 7, 2017","format":false,"excerpt":"Australian wage rate growth, on the other hand, is declining. is in a worse position, with a dramatic fall in investment following the mining boom. Source: RBA & ABS As is inflation. Source: RBA & ABS Growth in Household Disposable Income and Consumption. Source: RBA & ABS And Banks return\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15142,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/04\/12\/australia-financial-stability-rba\/","url_meta":{"origin":10408,"position":2},"title":"Australia: Financial Stability | RBA","author":"ColinTwiggs","date":"April 12, 2017","format":false,"excerpt":"Extract from the latest Financial Stability Review by the RBA: ....In Australia, vulnerabilities related to household debt and the housing market more generally have increased, though the nature of the risks differs across the country. Household indebtedness has continued to rise and some riskier types of borrowing, such as interest-only\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8450,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/09\/18\/apra-australian-banking-system-more-sound\/","url_meta":{"origin":10408,"position":3},"title":"APRA: Australian banking system ‘more sound’","author":"ColinTwiggs","date":"September 18, 2013","format":false,"excerpt":"Interesting choice of words: [Australian Prudential Regulation Authority chairman John Laker] said the Australian banking system was more sound than it was five or six years ago.\"We know that because we managed to negotiate the financial crisis without the fallout for our financial systems,\" he said.\"The banking sector is holding\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15059,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/30\/apra-fiddles-while-housing-risks-grow\/","url_meta":{"origin":10408,"position":4},"title":"APRA fiddles while housing risks grow","author":"ColinTwiggs","date":"March 30, 2017","format":false,"excerpt":"From Westpac today (emphasis added): ....With the Reserve Bank sharing our caution around 2018, along with ample capacity in the labour market (unemployment rate is 5.9% compared to full employment rate of 5.0%) and stubbornly low wages growth, there is only scope to cut rates. But as we have argued\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10163,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/27\/bank-of-england-throws-egg-all-over-rba-apra-macrobusiness\/","url_meta":{"origin":10408,"position":5},"title":"Bank of England throws egg all over RBA, APRA | | MacroBusiness","author":"ColinTwiggs","date":"June 27, 2014","format":false,"excerpt":"Of all of the financial systems in the world, Australia\u2019s is most similar to the UK. Of all of the restrictive housing planning systems in the world, Australia\u2019s is most similar to the UK. 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