Data on dwelling approvals will be due at 0130 GMT, same time as the trade balance data
Prior report can be found here. Expectation is for a +1.0% m/m reading, and a +10.6% y/y reading for March figures. Given that trade balance figures are out at the same time, the focus will likely be on more towards that - as the data here can be rather volatile (look at historical readings).
CBA
- A small rise is expected after February's fall
- Estimate is for a +1.0% m/m reading
- The annual total will remain near 200k
- While approvals are off their peak they still remain at a relatively high level
- This means building activity should remain strong for some time
Westpac
- Approvals have been extremely volatile month to month, making it difficult to pick out clear trends
- Volatility has again centred on 'high rise' approvals
- Given lags between finance and construction, that suggests non high rise dwelling approvals will fall away a bit in coming months
- The general picture from site purchases over the last year points to the segment taking another leg lower in 2018 although the month to month moves look to have overshot a little in Feb
- On balance we expect total approvals to be up 1% in March
