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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 in October fell 6% m/m after a downwardly revised drop of 8.1% in September, while private housing also fell the real weakness was the volatile apartments sector. Building approvals are down 6.4% y/y, but growth appears to be improving and 3-month momentum stabilising in positive territory. Q3 construction activity rose a stronger than expected 2.2% q/q (Q2 -2%).
- There doesn’t seem to have been a large impact on building approvals yet from the 200bp of monetary tightening seen this year, and the October decline was not uniform across states. It is worth noting that activity in the sector began declining before rates increased in 2021 as it began to face labour and material shortages.
- Approvals for private houses fell a further 2.2% m/m after -8.5% last month bringing the annual rate to -11.3%, which is off of its low in March 2022. Private non-house approvals (apartments) fell 11.3% m/m after -6.9%. Public sector approvals were down sharply for the second consecutive month at -16.2% after -26.1%.
- The value of residential building approvals fell 2.1% m/m.
Number of dwelling 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.
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