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Household debt front and centre for RBA and regulators in coming year

first_imgHousehold debt levels will continue to be a strong focus of regulators in the coming year, according to RBA.RBA Governor Philip Lowe expects to see better growth out the Australian economy in the coming financial year, but household debt levels will be a strong focus.Summing up the year in the RBA’s 2017 annual report out this week, Mr Lowe said “over the year, the Board has paid close attention to developments in household balance sheets and housing markets.”More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour ago“The coming year is likely to see better growth in the Australian economy,” he said. RBA Governor Philip Lowe expects to see better growth in the coming year. Picture: Patrick Hamilton/Economic Society of Australia“The Reserve Bank Board adjusted the cash rate target once in the year in review, lowering it to 1.5 per cent in August 2016. This followed inflation outcomes earlier that year that were noticeably lower than expected. Since then the Board has held the cash rate steady, with the stimulatory setting of monetary policy helping the economy adjust to the winding down of the mining investment boom.”He said RBA wanted “an average rate of inflation over time of between 2 and 3 per cent in a way that promotes the public interest and does not add to medium-term financial stability risks”.He said the way that RBA worked with other financial regulators through the year was “a valuable aspect of Australia’s regulatory arrangements and one that does not exist in all countries”.last_img read more