Davis (2011) notes that residential loans made up close to 60 per cent of
Australian banks’ total loan portfolios in 2009, but less than 40 per cent in the United States and Canada, and 15 per cent in the United Kingdom. The focus on housing lending has, in part, reflected a substantial increase in household sector leverage in Australia over the 1990s and early 2000s to a level consistent with that in most other advanced economies