Australian Household Debt Reaches Record

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Oct. 19 (Bloomberg) -- Australian households debt reached a record in the second quarter, the central bank said today.

Australians' debt to disposable income ratio climbed 3.2 percentage points to a record 156.9 percent, and has doubled in just over eight years.

The proportion of income consumed by interest payments is a record 11.4 percent, and also twice as high as eight years ago.

The Reserve Bank of Australia has raised borrowing costs twice this year, and most economists predict another increase next month. House prices have surged more than 30 percent in the past four years, forcing people to take out larger loans. Central bank chief Glenn Stevens last month said record household borrowing created risks that the bank was unsure how to evaluate.

``How households will behave under conditions of greater macroeconomic stress, which surely will one day occur, we cannot yet know,'' he said in a speech on Sept. 15. .......