New Zealand finance minister English in an interview with an Australian media outlet:

  • Says home loan limits (i.e. macro prudential controls) are no silver bullet to rising prices, but they help "at the margin"
  • "macroprudential controls or other that are being contemplated are going to make a significant difference. They'll make some change at the margin"
  • But we have to focus on our top priority, which is getting the supply working better
  • the market needs to see that an institution like - a reputable institution like the RBA would be taking the issue seriously that a fast-rising housing market is not an unmitigated good. It's a potential risk to the macro economy and also for householders who pay too much

Article is here

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The sort of lending limits English is talking about can impact on keeping interest rates from rising as much as they otherwise might, for a period of time at least.