40 reserve bank of australia box b competition in household lending new zealand and the united kingdom competitive pressures faced by banks domestic markets are also evident other countries which australian have retail operations most notably moreover like these both experienced rapid growth debt house prices over past decade graph b1 as among lenders has been particularly strong housing loan market where owned a dominant share this intense fi xed rate loans more common than for example three years aggressive marketing price discounts compressed spread between average on two year swap around 30 basis points b2 compression margins was part spurred one competing aggressively originated through its branch network after it withdrew from broker variable mortgages
