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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.
AUSTRALIA DATA
Building approvals for April came in weaker than expected falling 0.3% m/m but March was revised higher to +2.7% m/m. There was weakness in the month in both houses and multi-dwelling units. With working age population growth running at 2.9% y/y and dwelling approvals almost 20% below their pre-Covid level, housing shortages are likely to persist.
- Approvals are up 3.5% y/y after -1.1% y/y in March but the series is volatile and May 2023’s 24.1% m/m rise will weigh on the annual rate next month.
- April private house approvals fell 1.6% m/m after rising 4% and are now up 9% y/y and 1.9% above February 2020. Multi-dwellings fell 1.1% m/m after increasing 5.7% in March but are still down 8.5% y/y and 45% below pre-pandemic. Also 3-month momentum remains negative.
Australia number of dwellings units approved
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.
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