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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 January was another piece of disappointing data as the RBA’s monetary tightening bites. It plunged by 27.6% m/m, more than expected, after a downwardly revised 15.3% m/m rise. The less volatile private houses component fell 13.8% m/m after -2.1%m/m, the fifth consecutive drop, and with rates expected to rise another 25bp at the March 7 RBA meeting and probably beyond the adjustment in home building likely has further to go.
- Apart from the Covid years, private house approvals fell at their sharpest rate since the GST was introduced in 2000 and to their lowest level since June 2012. The pullback was across states. They now stand down 12% y/y (Dec -12.3% y/y) and 3-month momentum is extremely negative.
- The headline number is driven by the very large and volatile swings in multi-dwelling approvals. They fell 40.8% m/m in January after rising 41.9% the previous month. They are now down 0.3% y/y.
Australia number of private 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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