The April home loan lending data is due at 0130 GMT, I posted an earlier preview here: AUD traders - preview of the April housing finance data due today
- Home loans m/m, expected -1.8%, prior was -2.2%
- Investment lending m/m, prior was -9.0%
- Owner-occupied loan value m/m, prior was -1.9%
Also due at 0130GMT is the business survey (Australian business conditions and confidence for May): Australian business indicators (May) due today - conditions and confidence - preview
This preview via Westpac (bolding mine):
- After holding relatively steady through most of 2017 and early 2018, Australian housing finance approvals showed a notable pull back in March. The total number of owner occupier approvals declined 2.2% to be down 3.5%yr but the real weakness was around the value of investor approvals which dropped 9%mth to be down 16.1%yr (estimates of investor approvals ex refi look to be down over 30% from their 2016 peak). Combined, the total value of approvals ex refi fell 4.6%mth to be down 6%yr.
- Industry figures suggest owner occupier approvals declined again in April - we expect the official figures to show a 3.0% drop. Housing markets remained soft but stable through the month. More recent data suggests the Sydney and Melbourne markets have seen a further deterioration through May and early June, likely relating to tightening lending standards.
