In matters of resilience, we look for safety, we look for predictability and we look for a sense of control. The early 2020s will be remembered for the pandemic and Russia's war. Our response to these crises will determine what the rest of the decade will look like. Thank you. 3/3  BIS - Central bankers' speeches
This graph shows the share of banks' domestic credit as a share of total credit over the past couple of decades. Australian banks have substantially increased their exposure to housing over this period and housing credit now accounts for over 60 per cent of banks' loans. So the Australian banking system is potentially very exposed to a decline in credit quality of outstanding mortgages.