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Rising Debt a Sign of Aussie Affluence: RBA

... The Reserve Bank deputy governor Ric Battellino says it illustrates Australia's current economic expansion has prolonged rising levels of credit, but has not hit the hip pocket of young Australians.

“Cross-sectional data shows that the rise in household debt has been driven primarily by middle-aged, and higher-income, households.

“Thus, while the build-up of household debt is often portrayed as being driven by young couples trying to buy their first home, a more accurate description is that it is mainly being driven by older, higher-income households that are trading up to higher quality or better located houses, buying investment properties and taking out margin loans to buy shares,” he said. ...

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