RBNZ's Wheeler warns against excessive credit growth, farm debt uncomfortably high

Tue, 06 Nov 2012

By Paul McBeth Nov. 7 (BusinessDesk) - Reserve Bank governor Graeme Wheeler has warned excessive credit growth may trip up New Zealand's economic rebalancing and has singled out agricultural debt as being uncomfortably high in the latest financial stability report. Credit growth is necessary to stoke economic activity, but if it goes too fast it could increase the country's vulnerability to international shocks and heighten housing market imbalances, Wheeler said. Households have generally cut back their debt levels as the economy shifts tow...

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