Australia’s Debelle defends rate cuts

RBA assistant governor says central bank’s rate cuts will have an effect; argues housing market is stronger than many critics believe

Guy Debelle, assistant governor of the Reserve Bank of Australia, spoke on June 26 about the effectiveness of the central bank's policy actions, and said that the housing market is stronger than many commentators believe.

Speaking as part of a panel discussion at the Mortgage and Finance Association of Australia's Industry and Leaders Panel Forum in Adelaide, Debelle said that the central bank had not expected a dramatic response to its interest rate cuts, but said the cuts "will probably help people pay down debt a little faster".

In response to critics warning of a collapse of the Australian housing market, Debelle conceded that household debt was relatively high, but said "we don't see any problems with households servicing their debt".

Click here to listen to the panel discussion.

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