Household indebtedness has increased substantially in Australia. We consider how significant a risk this debt poses. Our results suggest that banks appear resilient to a severe downturn, thanks to moderate loan-to-valuation ratios on residential mortgages and generally sound lending criteria. Household debt seems to pose a bigger risk to consumption, since a large but plausible decrease in asset prices could precipitate a substantial decrease in consumption. Moreover, the increase in indebtedness over the past decade has slightly increased the potential decline in consumption. However, the distribution of debt across households appears to slightly mitigate these risks.

中文翻译：

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澳大利亚家庭债务的风险有多大？

澳大利亚的家庭债务大幅增加。我们考虑了这笔债务带来的风险有多大。我们的结果表明，由于住宅抵押贷款的贷款估值比率适中，而且贷款标准普遍合理，银行似乎能够抵御严重的经济衰退。家庭债务似乎对消费构成更大的风险，因为资产价格大幅但合理的下降可能会导致消费大幅下降。此外，过去十年债务的增加略微增加了消费的潜在下降。然而，家庭之间的债务分配似乎略微减轻了这些风险。