Building approvals for May

  • For the m/m, +9.9% (expected was 3.2%, prior was -5.8%, revised from-5.6%)
  • For the y/y, +14.3% (expected is 8.0%, prior was +0.7%, revised from +1.1%)

Via Westpac:

  • Australian dwelling approvals jumped 9.9% in May driven by a sharp rise in ‘units’ concentrated in NSW and Qld.
  • It also outstripped expectations – consensus forecast was for a 3.2% ‘partial’ rebound.
  • Some of the patter over Apr-May reflected the timing of public holidays in 2014 which reduced effective working days in Apr.