Australian Prudential Regulation Authority chairman John Lonsdale has hit back at the Australian Banking Association’s call for a cut to the 3 per cent interest rate buffer to support first home buyers, saying lenders already have plenty of flexibility under existing rules, while global market volatility and higher unemployment in Australia justify its current level.
Major banks have split on prudential policy settings. Stephen Clark
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
