RBA deputy examines causes of credit expansion

An increase in household borrowing has led to the latest boom in lending lasting longer than previous periods of credit expansion, according to Ric Battelino, the deputy governor of the Reserve Bank of Australia.

Speaking in Melbourne last week, Battelino said household credit in Australia now accounts for more than 90% of nominal GDP.

The deputy governor said deregulation and financial innovation over the past 30 years had made the rise in household credit possible. Battelino added that many

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