S&P Global Ratings reported that Australia's prime SPIN 30-day delinquencies declined again from 1.08 per cent to 1.04 per cent in October 2017.
Declines were reported in all mainland states and territories.
Western Australia continued to have the highest rate of 30-day arrears, declining from 2.21 per cent to 2.12 per cent.
The lowest rate of delinquency was to be found in the ACT at only 0.58 per cent (Canberra has by far the highest incomes on the country).
In New South Wales 30-day arrears fell from 0.79 per cent to only 0.75 per cent in the month.
Arrears were also below 1 per cent in Victoria and Tasmania.
While risks remain, S&P Global commented:
"We do not expect arrears to increase much above current levels while benign economic conditions persist."