ANZ chief executive Shayne Elliott says regulators are “locking out middle Australia” from being able to access home loans, in the latest warning from a major bank boss that there is a disproportionate focus on shrinking financial system risk.

Mr Elliott, speaking at a briefing, said he did not blame the Australian Prudential Regulation Authority for the malaise – given it is tasked with protecting depositors from risky lending – but added a rethink of responsible lending was needed.