David Norman

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Discussion paper

How risky is Australian household debt?

It is often observed that the level of household debt (relative to income) is high in Australia compared with other countries and its own history. Concerns about how this will influence the economy’s ability to navigate a major downturn have for many years been central...

Survey on housing equity withdrawal and injection

Over the past few years, household borrowing against the stock of housing has increased by more than household spending on new housing and renovations. As a result, the household sector has effectively extracted equity from the housing stock, though the net amount withdrawn has recently...