The Australian Prudential Regulation Authority (APRA) has delivered its clearest signal yet that the credit environment is shifting, and that the period of benign housing risk the market has grown used to may be coming to an end.
In its latest System Risk Outlook, the regulator flagged a meaningful pick-up in higher-risk mortgage lending, fuelled by falling rates, stronger house-price momentum, and a resurgence in investor borrowing. While APRA maintains that overall lending standards remain sound, the underlying message is sharper: Australia's household debt load is becoming a renewed vulnerability, and macroprudential tightening is now firmly. . .
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