Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Total February building approvals fell 1.9% m/m to be down 5.8% y/y, weaker than expected, following the downwardly revised 2.5% m/m in January. The disappointment was driven by the apartment sector which saw the number of approvals fall 24.9% m/m and 17.9% y/y. The weakness was not broad based, as Queensland was the only state to record a decline in the total. Private houses recovered from their 9.9% drop in January with a 10.7% jump in February but they are still down 1.3% y/y. 3-month momentum is very negative due to both main components falling. With vacancy rates extremely low and population growth strong, the number of approvals standing 17% below the Q4 2019 level remains a significant problem for policy makers.
Australia number of building approvals
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.