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NAB pass comment on the latest round of...>

AUSTRALIA
AUSTRALIA: NAB pass comment on the latest round of building approvals data. They
write that "the sharp rise in the month was led by Victoria and NSW - all due to
apartment approvals. It's a surprising result, to say the least, but the
apartment approvals data are very volatile. The trend is now for 0.4% growth in
approvals per month (from a 3.2% decline last month). However, we expect a
reversal of this large spike next month and the trend for approvals to continue
downward, alongside the ongoing deterioration in the housing market."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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