RBA’s Debelle: Curbs on lending have improved the resilience of the economy

Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle is on the wires now, via Reuters, making a scheduled speech at a panel discussion titled "Assessing the Effects of Housing Lending Policy Measures" at the Financial Services Institute of Australasia Signature Event, in Melbourne.

Main Headlines:

Curbs on lending have improved the resilience of the economy.

Little evidence that measures have excessively constrained aggregate credit supply.

Says share of interest-only (IO) loans down to 27 pct of debt, from around 40 pct.

Does not consider rollover of remaining IO loans to be a material risk.

Major banks' share of new home lending is at lowest in a decade.

Tighter lending standards on developers could lead to sharper pullback in construction.