PM issues warning on household debt

Australians should be prudent when it comes to borrowing money against record low interest rates, the prime minister has warned.

Malcolm Turnbull warns Australians to be prudent with borrowing amid historic low interest rates. (AAP)

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.