I posted the expected and priors here earlier:
This sector of the economy has been very poorly performing indeed, as flagged in numerous indicators such as the construction PMI and the data series due today.
Via Westpac, in brief:
- Approvals slumped 30% over 2018 and are still down 25.6%yr.
- Recent months suggests high rise approvals are starting to find a base … non high rise firming a touch
- housing markets have shown a clear improvement in recent months with prices stabilising in Sydney and Melbourne
- That said, any boost to construction will be slower to appear
- July will be too early for approvals to show an impact
