A preview of the Building Approvals data due today from Australia
0130 GMT Australia Building permit approvals for May
- expected 0.0% m/m, prior -5.0%
- expected +9.9% y/y, prior +1.9%
Preview via ANZ:
- We believe building approvals stabilised in May, which is likely to see the trend continue to nudge lower. Finance commitments for the construction and purchase of new dwellings suggest that approvals should continue to retreat from their recent peak in coming months. Nonetheless, an AUD40bn backlog of work will underpin housing construction for some time to come
And, this via Westpac:
- Dwelling approvals fell 5% fall in April, with the detail on the soft side. Private detached house approvals were flat but supported by an abnormally large 20% jump in WA that looks likely to be a one-off spike. Meanwhile units posted a sharp 11.5% drop, the detail volatile but starting to point to a second leg lower in high rise approvals.
- We expect another weak read in May with declines across both high rise and non high rise segments. On the latter, construction-related housing finance approvals have shown a notable weakening in recent months. Overall, total approvals are expected to be down 4% in the May month - the usual warnings about high monthly volatility applying as always.
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I'll post some RBA previews soon, but here are two to be getting on with:
- AUD - RBA meeting Tuesday 2 July 2018 - quick preview
- <a title="The Reserve Bank of Australia meet tomorrow, announcement at 2.30pm local time (0430GMT) TD with their outlook, bolding mine Probability Dovish (AUD - RBA meet Tuesday 2 July 2018, here is a preview
