短久期国家

关键论点

• 由于抵押贷款利息不可抵税，澳大利亚的税收激励鼓励提前还款缓冲，从而使抵押贷款市场倾向于浮动利率贷款。
• APRA对银行账户利率风险的支柱1资本要求阻止了银行进行短借长贷。
• 澳大利亚的固定缴款养老金系统相比固定收益系统对长久期固定收益资产的需求更少。
• 长期债券收益率对澳大利亚货币政策传导的重要性低于美国，因此金融状况评估应更多关注短端。
• 美国式的30年期固定利率且再融资成本低的抵押贷款不太可能成为澳大利亚的常态。

对应原文证据

1. First, a US-style 30-year mortgage that is both fixed-rate and cheap to refinance is unlikely to become the norm in Australia. · medium-term
2. Second, assessments of financial conditions can put more weight on the short end of the yield curve than the long end. · medium-term
3. For households, the main incentive comes from the tax system. For owner-occupiers at least, mortgage interest is not tax deductible, unlike in the US. · medium-term