PM issues warning on household debt

Prime Minister Malcolm Turnbull has warned Australians not to go overboard with debt levels amid historic low interest rates.

"It's not for me to give lectures on household finance but I think most Australians are very alert to the fact that while interest rates are low they haven't always been low and that you've got to be prudent in terms of your borrowing," he told The West Australian newspaper on Thursday.

The Reserve Bank has expressed concern about growing household debt which is at $1.45 trillion.