The "unwinding of the global commodities cycle is heightening the macroeconomic risks faced by Australian banks," cautions Moody's Investor Service. Ilya Serov, Moody's vice president and senior credit officer wrote in a commentary yesterday that, "although the banks' direct exposure to the resources sector is relatively low, they face high second-order risks from a potential sharp downturn."Serov said that risks in Australia's housing market were skewed to the downside. "While current low interest rates continue to support housing market stability, deepening affordability shortfalls could lead to an eventual adjustment that would better align house price growth with income growth," he said.Serov concluded that, "although the likelihood of an outright house price correction remains low, tail risks are rising."In a separate report, Moody's monthly review of the performance of mortgage-backed securities put delinquencies in excess of 30 days at 1.20 per cent in November 2015, up from 1.14 per cent in October 2015.Moody's said "while the month-on-month increase in delinquencies in November is typical and reflects increased spending in the run-up to the holiday season, mortgage delinquencies will be higher in 2016 than in 2015."