Household debt is main risk for New Zealand – RBNZ’s Bascand

Geoff Bascand

The biggest threat to the New Zealand financial system emanates from high levels of household debt, though a reliance on foreign funding could also be a problem, Geoff Bascand said today (November 13).

The Reserve Bank of New Zealand deputy governor noted household debt as a percentage of GDP had risen from 27.9% in 1990 to 92.2% today. New Zealand’s households are among the most indebted in advanced economies, though debt-to-GDP is higher in Australia (over 120%) and Canada (around 100%).


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