Refinancing activity continued to surge, with mortgage enquiries up 16% for the month as lower interest rates entice borrowers. New mortgage lending rose 24.4% year on year.
The Reserve Bank last month cut the Official Cash Rate to 3% - a drop of 250 basis points since August last year.
The number of financial hardship cases fell by 180 to nearly 14,270 accounts, Centrix said.
“Signs of welcome relief have begun to emerge in recent months,” Lacey said.
But consumers under 25 continue to be the hardest hit by financial stress.
“They typically have limited financial buffers and greater exposure to instability,” Lacey said.
Company liquidations up significantly
Company liquidations rose 26% year on year, led by the construction sector.
In the year to July, 765 construction companies liquidated - up 46% compared to the previous year.
Hospitality is the second-largest industry contributing to company liquidations, with 297 recorded in the past year, up 49% on the prior year.
“This also continues to be a challenging period for small to medium sized businesses, with elevated stress across multiple sectors,” Lacey said.
Business credit defaults are up 8% across the board year on year, though the rate of growth continues to ease.
The manufacturing industry is the worst hit, with credit defaults up 19% year on year, followed by the property and rental sector, up 13%.
