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Approvals Remain Depressed Despite Growing Population

AUSTRALIA DATA

Building approvals fell a sharper-than-expected 8.1% m/m in July after falling 7.9% in June. The weakness was due to the volatile multi-dwelling component which fell 15.8% m/m after -21.9% whereas private homes rose 0.1% after -1% to be down 16.9% y/y. The weakness in home building is a concern given working age population is growing at a series high and the impact it has on economic growth, which the RBA cited in its last meeting statement. Approvals in July were 21.2% below the February 2020 level.


Australia number of dwellings approved - private houses

Source: MNI - Market News/ABS

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