“Central banks from Scandinavia to the U.K. to New Zealand are sounding the alarm about soaring mortgage debt and trying to curb risky lending. In Australia, where borrowing is surging, regulators are just watching. Australian household debt is at a 25-year high, according to statistics bureau figures, and a government inquiry this month found housing to be a significant source of risk to the financial system. The central bank has reduced its benchmark interest rate to a record-low 2.5 percent to aid a recovery in non-mining industries, including residential construction, as the nation’s resources boom slows.”
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