Bendigo backs property lending curbs

Mike Hirst, the head of Bendigo and Adelaide Bank, has backed possible targeted moves from the Australian Prudential Regulation Authority (APRA) to cool down the property market, The Australian Financial Review reports.

Mr Hirst said that given the risks posed to the broader economy of raising interest rates, new macroprudential tools should be weighed.

“We’re clearly not in a situation where the blunt instrument of monetary policy being used against one sector of exuberance in the economy is warranted,” he told the AFR.

“I think it is well worth considering more targeted responses if you don’t want to impact the broader economy too heavily."