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RBA Glossary definition for APRA

APRA – Australian Prudential Regulation Authority. APRA is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance companies, friendly societies, and most members of the superannuation industry.

Search Results

Macroprudential Limits on Mortgage Products: The Australian Experience

26 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
simply; and able to be dialled up or down as required (APRA 2019b). ... APRA announced the IO limit on 31 March 2017 in another letter to ADIs.
https://www.rba.gov.au/publications/rdp/2021/2021-07/full.html

The Credit Growth Limits

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
simply; and able to be dialled up or down as required (APRA 2019b). ... APRA announced the IO limit on 31 March 2017 in another letter to ADIs.
https://www.rba.gov.au/publications/rdp/2021/2021-07/the-credit-growth-limits.html

Other Mortgage Market Outcomes

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
Both dependent variables are sourced from the APRA dataset noted in Section 3.1. ... could result in it breaching APRA's growth limit for the investor segment.
https://www.rba.gov.au/publications/rdp/2021/2021-07/other-mortgage-market-outcomes.html

Conclusions

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
Download the Paper 2,356. KB. This paper shows that APRA's 2014 and 2017 macroprudential credit limits quickly reduced housing credit growth in the targeted mortgage products. ... APRA was also intentionally more explicit in its expectations for the IO
https://www.rba.gov.au/publications/rdp/2021/2021-07/conclusions.html

References

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
APRA (2019b), ‘Review of APRA's Prudential Measures for Residential Mortgage Lending Risks’, Information Paper, 29 January. ... APRA (2020), ‘A More Flexible and Resilient Capital Framework for ADIs’, Discussion Paper, 8 December.
https://www.rba.gov.au/publications/rdp/2021/2021-07/references.html

Introduction

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
APRA's first policy required each bank to limit its year-ended growth in investor housing credit to 10 per cent. ... The closest to APRA's appears to be Singapore's 2009 ban on IO mortgages, described in Upper (2017).
https://www.rba.gov.au/publications/rdp/2021/2021-07/introduction.html

Policy Effects of the Investor Limit

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
a) May not perfectly align with APRA's assessment of banks meeting the limit. ... affected. Figure 3: Counterfactual Aggregate Lending. Actuals solid, counterfactuals dashed. Sources: APRA; Authors' calculations.
https://www.rba.gov.au/publications/rdp/2021/2021-07/policy-effects-of-the-investor-limit.html

Data and Variables

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
The two main data sources comprise banks' confidential data reporting to APRA, and banks' advertised mortgage rates from the subscription-based Canstar database. ... 11.8. 46.9. 67.8. 86.4. 99.0. 984. Sources: APRA; Authors' calculations; Canstar; RBA.
https://www.rba.gov.au/publications/rdp/2021/2021-07/data-and-variables.html

Non-technical summary for ‘Macroprudential Limits on Mortgage Products: The Australian Experience’

26 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
a) May not perfectly align with APRA's assessment of banks meeting the limit. ... Sources: APRA; Authors' calculations. Large and mid-sized lenders reacted differently to APRA's policies.
https://www.rba.gov.au/publications/rdp/2021/2021-07/non-technical-summary.html

Policy Effects of the Interest-only Limit

1 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
a) May not perfectly align with APRA's assessment of banks meeting the limit. ... Figure 8: Counterfactual Aggregate Lending. Actuals solid, counterfactuals dashed. Sources: APRA; Authors' calculations.
https://www.rba.gov.au/publications/rdp/2021/2021-07/policy-effects-of-the-interest-only-limit.html