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.
Building approvals for June were in line with expectations falling 7.7% m/m after rising 20.5%. The multi-dwelling component drives volatility in the headline numbers. Owner-occupier approvals fell 1.3% m/m to be down 17.4% y/y while non-house dwellings fell 21% m/m and -21.4% y/y. There has been some improvement in momentum. RBA Governor Lowe has said that housing supply needs to rise and barriers to approvals need to be removed. Given that population over 15yrs grew 2.8% y/y, building approvals remain a problem area for the economy and pressure is likely to remain on rents and house prices as a result. The average approval value for new homes also remains high rising 12.5% y/y in June.
Australia number of private house dwellings %
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.