There are a number of reasons why this is likely to be so, but perhaps the most important is that we did not have the same deterioration in lending standards that occurred elsewhere. By and large, the great bulk of Australians who took out housing loans have been able to afford the repayments.
Today, it is the first time, under our MoU, that staff of the Bundesbank have come in person to impart training to our staff and to the banking sector at large on a topic of high  1/3  BIS - Central bankers' speeches  relevance to the banking sector.