RBA deputy disappointed by data inaccuracies
Philip Lowe discusses two problems that have emerged in reporting of loans
Reserve Bank of Australia (RBA) deputy governor Philip Lowe expressed disappointment over errors in commercial banks data on owner-occupier and investor housing loans today (November 5).
Lowe told an audience in Sydney two issues have emerged. The first, he said, was "very large upward revisions" to the value of investor loans outstanding, with "offsetting" downward revisions to owner-occupier loans.
Meanwhile, another issue has worked in the other direction, with lenders reporting some loans previously recorded as investor loans were in fact loans to owner-occupiers.
"These various data problems have reinforced our view that the supervisory focus on investor lending has been entirely appropriate," he said.
"And it is disappointing that some lenders' internal systems have not been up to the task of reporting accurate data on the split between investor and owner-occupied housing loans."
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