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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
Australian building approvals plummeted in July, with the headline reading falling by 17.2% M/M (BBG median -3.0%), driven by the highly volatile apartment sector.
- While Australia's housing sector is facing headwinds from rising interest rates, increasing material costs and a tight labour market (with labour shortages resulting in huge lead times between orders for new homes and final delivery), the soft July approvals data was likely linked to the aforementioned volatile apartments sector, as opposed to being an outright indication of trouble.
- All states saw weak readings, except SA, with WA providing the most notable decline on a state-by-state basis.
- Looking through the noise, private sector house approvals did rise by 0.7% M/M, representing a second consecutive rise.
- Public sector dwellings, which only account for 2% of the total, were also very soft, falling by 52.9% M/M.
Fig. 1: Australia Private House 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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