Despite a strong set of numbers for national building approvals the picture in QLD remains stubbornly weak, as the hart below makes clear. Across the nation seasonally adjusted approvals rose 7.5% m/m and 10.1% y/y on the back of solid unit approvals (particularly in Victoria). The rather less volatile Trend series showed approvals up just 0.2% for the month and still down 0.7% y/y.
In QLD, as has been the case for some time now, we have under-performed the rest of the nation. Approvals rose 5.7% m/m (seasonally adjusted) but this remains down 8.7% y/y. As was the case nationally, the rise was largely due to units with house approvals up just 2.2% m/m. The Trend series confirms the weakness in QLD with a 2.4% m/m decline resulting in a fall of 8.7% y/y.
These are not a set of numbers that will give any succour to an LNP government seeking reelection at the end of the month. As Gene Tunny over at Queensland Economy Watch pointed out a few days ago, the election will by run in a weak economic environment for the State with little sign of any immediate improvements that the LNP can highlight.
Regional approvals will be released by the ABS next week at which time we will update our Conus Trend series for Cairns, Cassowary Coast and Townsville local government areas.