Cairns Building Approvals…take a cold shower

As we noted a few days ago (see here) the Building Approvals situation in Cairns is improving with the Conus Trend data showing a slight increase for April (after some sharp downward revisions to previous months).
Today’s Cairns Post is running a rather excitable article, quoting the Deputy Mayor, talking about approvals “soaring 40%. When considering the raw, unadjusted and highly volatile ABS data the 40% quote is true; but the graph below will perhaps put the story in a more sober light. Certainly things are improving well, but we remain just below levels seen in the third quarter last year, and well below levels of 4 years ago.

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