Via S&P:
Australian prime home-loan arrears rose in March, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages increased to 1.51% in March from 1.48% a month earlier. Arrears are up by 14 basis points year on year.
Across the country, arrears movements were mixed. The Northern Territory, Australian Capital Territory, and Western Australia recorded the largest year-on-year changes. Tasmania was the only state that recorded a year-on-year decline in arrears. Across the more populous states, New South Wales recorded the largest year-on-year increase in arrears at 0.22% followed by Victoria at 0.18% and Queensland at 0.16%. As around 80% of loans underlying Australian residential mortgage-backed securities (RMBS) portfolios are domiciled in the more populous states, their arrears movements have a larger impact on the SPIN.