APRA chairman Wayne Byres is having a bet each way on whether to intervene in the hot lending market.
The banking regulator says it could impose limits on higher-risk loans if they raised risks for the financial system.
Just over 68,500 member accounts have been closed at 13 underperforming super funds,representing a mere 7 per cent of accounts. This leaves more than 922,000 members with accounts across these products who have failed to take any action.
The RBA and APRA released a joint statement outlining the impact of climate change on the financial system,as the UK government forces new disclosure requirements for decarbonisation plans on its private sector.
Industry Super Australia is launching a new attack on the federal government’s superannuation changes with an advertising blitz to warn millions of workers their retirement accounts will follow them when they switch employers even if their fund underperforms.
Homebuyers will need to earn more than $200,000 a year to buy a mid-range house in more than 270 Sydney suburbs if tougher borrowing limits are introduced.
A price war between banks trying to lure new customers with cheap interest rates could dull the impact of the banking regulator’s recent move to slow the housing market.
Economists at Westpac have upgraded their forecasts for the housing market,warning it could force regulators to try to further rein in credit growth.
Prospective buyers such as Ashley Van Deyk face tougher borrowing limits,and some believe more tightening is on the way.
Banks are set to cut tens of thousands of dollars off the maximum amounts home buyers can borrow,after the regulator stepped in to tighten lending rules.
The prudential regulator has taken the first,modest steps towards taking heat out of the property market with major political and economic repercussions.