Treasurer Josh Frydenberg has highlighted the "social responsibility" of banks to lend money as he backed a plan by the financial regulator that will lift the maximum amount of money a home buyer can borrow.
“The banks now have an opportunity to continue to provide the capital flows into the economy – that is their economic and their social responsibility. But they’re businesses, and they have to do all the appropriate credit checks and they have to make decisions that are in the best interests of their business. "
Analysts predicted the change would lift the maximum amount an average household could borrow by tens of thousands of dollars, at a time when the RBA is also widely expected to cut interest rates to new record lows in an attempt to lift inflation and strenghten the labour market. Mr Frydenberg said his discussion with the RBA and APRA had focused on both the challenges and the opportunities facing the Australian economy.
We will end up with our own sub prime lending crisis as per USA
...won't matter; debt burden s simply too high and asset prices wildly overinflated; what good is easy credit when the ability to service is stratospheric?; more government meddling in asset cycles - an abject disaster...
Oooooh! Way to push home prices back up! (Forget about owning your first home)
So, let me get this straight. A few years ago we had a GFC which thanks to SwannyQLD Australia largely avoided. Caused by bad debts. Banking RC finds banks are lending too much to the wrong ppl. So govt legislates to allow banks to offer bigger loans to pole with less deposit 🤯
Not real smart
This should end well....
People who get paid peanuts in slave wages as per the LNPs wage suppression policy can't afford to borrow let alone borrow more.
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
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Source: SkyNewsAust - 🏆 7. / 78 Read more »