COMMENT:

The Reserve Bank has started releasing figures for the debt-to-income ratios of new borrowing by owner-occupiers.

The glass-half-full view would be that the trend is improving. The glass-half-empty view would be that the level — the proportion of borrowers getting up to their nostrils in debt — remains concerningly high in a world where interest rates are unsustainably low and in a country where employment rates are exceptionally high.

The risk is not to the solvency of banks, or to taxpayers if a systemically important bank needs to be bailed out. Loan-to-value ratio curbs and the proposed increases in

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