Data smacks of a public whack. Judging by the lending data for March from the Reserve Bank and Australian Prudential Regulation Authority yesterday, it's time for a big, public whacking for one or two of the recalcitrants, instead of telling us that we may never know how regulators control bank home-lending activities.

While RBA data showed home loans rose at a rate of 7.3% in the year to March, lending to investors surged by an annual 10.4% (the strongest annual rate since February 2008, as the GFC was gathering).

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