APRA has, however, noted a trend to riskier lending practices, and over the past couple of years has been seeking to temper these through its supervisory activities. There are also broader concerns with the macroeconomic risks associated with excessive speculative activity, since this activity can amplify the property price cycle and increase risks to households.
Our discussions with APRA and other agencies on these matters are ongoing, and there will be more to say about them in due course. For now, my colleague and I will be happy to take any questions that you might have. BIS central bankers’ speeches  3