The focus for the week with be the capex data due Thursday, but ahead of those are the permits data
Building Approvals for April is due at 0130GMT on Wednesday 31 May
- expected -3% m/m, prior +2.6%
- expected +4.1% y/y, prior +14.5%
Preview via ANZ:
- We think building approvals fell in April, offsetting the previous month's rise. The monthly weakness is likely to be driven by a sharp drop in ACT approvals, after they more than trebled to a record level in March. Further ahead, finance commitments for the construction and purchase of new dwellings suggest that the trend improvement in building approvals has nearly run its course
via NAB:
- NAB expects April Building Approvals to decline 2.1% in the month, but remain 5% higher over the year.
- Building approvals monthly data tends to bounce around, following apartment approvals. Apartment approvals have been remarkably robust, supported by population growth, notably in Victoria. We expect this volatile component of building approvals to decline 3.3% m/m in April, to bring the trend level down modestly from its current levels. Meanwhile, house approvals grew strongly in March and we expect a decline of 1% this month to reverse some of that strength
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Oh yeah …. I'll post a preview of the capex data later in the week
