So too has ASIC’s focus on responsible lending. These measures constrained some higher-risk lending and reinforced the message to lenders that they need to take a system2/4  BIS central bankers' speeches  wide focus in their risk assessments. Notwithstanding this, given recent trends and the heightened risk environment, APRA announced some further measures last Friday.
Again, it did this with the full support of the Council of Financial Regulators. There are two parts of APRA’s announcements that I would like to draw your attention to. The first is the need for lenders to have a very strong focus on serviceability assessments.