RBA rings alarm on high debt levels
Risks to financial stability could be building as house prices and debt levels keep rising, the Reserve Bank has caution...
Real Estate Institute of Australia president David Airey is calling on federal treasurer Wayne Swan and opposition treasury spokesperson Joe Hockey to put their energy towards developing solutions to banking issues rather than exhausting their efforts throwing barbs at each other over banking regulations.
“There are a lot of issues to be addressed in our banking system and the bickering and one upmanship is not achieving anything for bank customers,” Mr Airey said.
According to Mr Airey, the decision to initiate a Senate Inquiry into aspects of the Australian banking sector is a positive step.
“Banks are very important to the success of the Australian economy, but far more competition is needed to allow smaller regional banks access to the same international funding that the big four have,” he said.
“REIA awaits with interest, the government and treasurer’s plans for increasing competition into the banking sector.”