Australian prime home-loan arrears fell in July. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages dropped to 1.49% in July from 1.51% a month earlier. That’s according to S&P Global Ratings’ recently published “RMBS Arrears Statistics: Australia” report.
The trend is seasonal; arrears typically fall at this point in the cycle and continue to decline during the third quarter. Arrears were 11 basis points higher in July than at the same time last year and above their five-year average of 1.25%.
The full text of this article is available to MacroBusiness subscribers
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
