Fresh from the CRA:
Sydney, November 05, 2013 — Moody’s Investors Service says that delinquencies in excess of 30 days in the Australian prime residential mortgage market measured 1.35% in August, down from 1.39% in July, and an improvement from 1.24% in August last year.
“Looking ahead, we expect the performance trends witnessed to date in 2013 to continue with stable delinquencies, underpinned by expected GDP growth of 2.0% to 3.0%, the current low interest rate environment, and a steady unemployment rate of 5.0% to 6.0%” says Jennifer Wu, a Moody’s Vice President and Senior Credit Officer.
Wu was speaking on a just-released Moody’s report, titled “Global Structured Finance Collateral Performance Review.”
Moody’s report says Australian prime 60-day-plus arrears in August, of 0.76% also compare favorably to all economies covered in the report, except for Japan’s 0.29%.