Macroprudential tools " are available and would be used if APRA viewed it as necessary to do so," APRA said in its submission the Financial System Inquiry.This style of activity regulatory policy - mainly as an alternative to conventional monetary policy - has become more fashionable over recent years.APRA said a "more heightened response" could involve the use of macroprudential tools similar to those used recently in other jurisdictions, such as 'speed limits' on high loan-to-valuation lending, floors on housing loan risk-weights and early implementation of the Basel III countercyclical capital buffer. Its aid that Australian authorities "view macroprudential policy as subsumed within the broader and more comprehensive financial stability policy framework.""Under this framework, APRA and other Council agencies consider a system-wide view an essential part of effective prudential supervision, inextricable from the supervision of individual institutions."APRA insisted that "consideration of and response to aggregate industry risks has long been part of APRA's supervisory framework."