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Australia at risk from high household debt: Bank for International Settlements

Monday, Jun 26 2017
Australia at risk from high household debt: Bank for International Settlements

Australia and several other economies that escaped the worst of the global financial crisis are now threatened by their massive run-up in household debt, the Bank for International Settlements has warned. The BIS is the Swiss-based central bank of central bankers and one of the few institutions that warned of the risk of a global financial crisis a couple of years before it happened.

In an uncharacteristically optimistic annual report, the BIS was generally upbeat about prospects for the global economy in the short term.  "The near-term outlook appears the best in a long while," BIS general manager Jaime Caruana noted in his speech to the bank's annual general meeting.

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