Central bank assistant governor Guy Debelle believes Australia has not been affected by the Greek debt crisis.
The Greek debt crisis is not having an effect on Australia's banking sector, an expert has claimed, which could be comforting news for those buying property in Australia.
Speaking to the Mortgage & Finance Association of Australia in Sydney, central bank assistant governor Guy Debelle said the fallout of Greece's credit rating being lowered to junk status by Standard & Poor's has been limited to Europe.
"So far it hasn't had any effect at all ... It's pretty much been confined to Europe," he explained.
Mr Debelle also pointed out that borrowing and re-borrowing costs in some European countries rose after the crisis broke in Greece, but no effect has been seen on the funding costs of Australian banks or mortgage-backed securities, the Sydney Morning Herald revealed.
A recent report from the International Monetary Fund claimed that potential property bubbles in the Asia-Pacific could still cause problems for the Australian property industry.
However, it added that there is no evidence at "systematic bubbles" will form in the near future.
Posted by David McElwain
The Greek debt crisis is not having an effect on Australia's banking sector, an expert has claimed, which could be comforting news for those buying property in Australia.
Speaking to the Mortgage & Finance Association of Australia in Sydney, central bank assistant governor Guy Debelle said the fallout of Greece's credit rating being lowered to junk status by Standard & Poor's has been limited to Europe.
"So far it hasn't had any effect at all ... It's pretty much been confined to Europe," he explained.
Mr Debelle also pointed out that borrowing and re-borrowing costs in some European countries rose after the crisis broke in Greece, but no effect has been seen on the funding costs of Australian banks or mortgage-backed securities, the Sydney Morning Herald revealed.
A recent report from the International Monetary Fund claimed that potential property bubbles in the Asia-Pacific could still cause problems for the Australian property industry.
However, it added that there is no evidence at "systematic bubbles" will form in the near future.
Posted by David McElwain
