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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 contracted 5.8% m/m in September to down 13% y/y after a downwardly-revised 23.1% increase in August. This was better than analysts expected but it is a notoriously volatile series. The details do not suggest any further deterioration in the sector that would concern the RBA.
- The weakness seen in September approvals was across the board but was driven by private sector houses, which were down 7.8%, whereas apartments only fell 1.8% m/m after soaring 68.8% in August. Public sector building approvals were also very weak falling 26.5% in pay back for the very strong figure the previous month.
- Annual growth in private house approvals improved to -10.4% y/y and 3-month momentum remains positive at 8.1%.
- Approvals fell across the states, except Victoria, and were particularly weak in South Australia.
- The value of total residential building approvals fell 12.7% m/m whereas non-residential rose 3.7% in September after rising 11.5% in August.
Australia number of private sector houses 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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