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.
The Reserve Bank of Australia's rate hiking campaign continues to reverberate through the building industry, with approvals falling 9% in November.
Total approvals fell to 13,898 in November, notching up the third consecutive monthly decline and falling to the lowest level since January 2022, according to the Australian Bureau of Statistics. Building approvals are down 21.7% since August. Most of the decline was attributed to apartments, with private sector dwelling excluding houses falling 22.7% m/m. Building approvals for private sector houses fell 2.5% m/m.
The data underscores the chilling impact of the RBA's aggressive hikes in 2023, where a cumulative 300bp of tightening was implemented across eight consecutive meetings. The RBA next meets on February 7.
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.