More generally, the rise in real incomes since the early 1990s has substantially changed the basis on which the 30 per cent benchmark was calculated. While housing loan arrears for the country as a whole are quite low, there are some regions where the financial position of households is relatively tight. The pressures seem to be particularly concentrated in suburbs of western Sydney.
We have come to the end of what has been a busy and fruitful week, and gauging from the interactions that I have witnessed, I am sure that all participants have a better appreciation of the importance of a practical and effective bank resolution framework and what this entails.