We get capex data for Q2 along with building permits data approvals, all due at 0130GMT on Thursday 30 August
I posted capex previews:
- AUD data due tomorrow - preview of Q2 capex
- AUD data due later this week, an input to the awaited Q2 GDP - preview
On the permits data, this via Westpac (bolding mine):
- Dwelling approvals bounced 6.4% in June, coming in well above expectations. The detail confirmed May's 2.5% decline was likely a data issue with Qld approvals rebounding from their extreme fall. Outside of this, the picture is more mixed but is clearly not showing the anticipated weakening, particularly across high rise which recorded another relatively strong month.
Approvals are likely to retrace 3% in July with some risk of a sharper fall.
- Construction-related finance approvals have been pointing to a pull-back in non high rise approvals for several months now, a shift that has not yet materialised. Similarly, site purchases have been pointing to a further sharp leg lower for high rise approvals for some time now.
- With the Sydney and Melbourne housing markets swinging into price corrections and financing conditions tightening for both home buyers and developers, we may also start to see projects proceed more slowly or be shelved altogether.
