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Data today for Ocotber shows no sign of the slide in residential building approvals stopping; although, if we’re looking for positives, then the Trend rate of that decline sits at it’s slowest for a year.
In Australia approvals fell 8.1% m/m or 23.6% for the year (seasonally adjusted). Given the ‘lumpy’ nature of this data-set we much prefer the Trend series which shows a 0.8% m/m fall or an 18.2% drop over the year. House approvals are down 15.0% y/y while units are down 23.0%.
In Queensland we see a similar picture. The seasonally adjusted data shows a 10.2% m/m or 15.1% y/y decline. The Trend is down 1.4% m/m and down 15.8% y/y; house approvals fell 11.5% y/y while units are down 23.4%. The ABS will release regional data next week which will allow us to update our Conus Trend series.
We are proud to have CBC Staff Selection as supporters of the Conus/CBC Staff Selection Trend Employment and Jobseeker data series