RBNZ’s Orr: Pleased credit growth has slowed

Reserve Bank of New Zealand Governor Adrian Orr confirmed the slowdown in credit growth but has not slowed down enough. During his testimony on the Financial Stability Report before the Parliament Committee, he noted that credit growth has slowed, but still have more time to begin to support the stability of financial conditions and economic growth in general. He added that the banking system could withstand relatively significant decline in house prices.