...This report presents Fitch Ratings` updated criteria assumptions for analysing securities backed by Australian residential loans. The published criteria assumptions will be used for rating both new and existing RMBS transactions, and will also apply to the collateral used in supporting Australian residential mortgage covered bond programmes. This report should be viewed together with the report entitled APAC Residential Mortgage Criteria, dated 23 June 2014, for a comprehensive understanding of Fitch`s approach to assigning new ratings to ¡ and reviewing existing ratings of ¡ Australian RMBS and covered bond programmes. Macroeconomic Environment Stable: Australian GDP grew by 3.5% in the year to March 2013, and by 1.1% in 1Q14. Fitch expects economic growth during the calendar year 2014 to be lower than current levels at 3.1%, with 2015 forecast at 3.0%. Unemployment is expected to remain stable at its current level of 5.8% during 2014. RMBS ratings in the near term are expected to be unaffected...
