And it is not seasonal, on the contrary, from S&P:
Australian prime home loan arrears rose in October, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages, increased to 1.35% in October from 1.33% in September.
The trend was consistent in all states and territories except Tasmania, where arrears fell to 1.14% in October from 1.26% the previous month, according to the report, titled “RMBS Arrears Statistics: Australia.” New South Wales recorded the largest increase in arrears in October, rising to 1.12% from 1.04% a month earlier. Arrears in New South Wales have been gradually rising throughout 2018, but remain the second lowest in the country, behind Australian Capital Territory.