The miss on the Australian data today was ... February building approvals: -6.2% m/m (expected -5.0%)

Response (this summary is in brief) via Westpac:

Dwelling approvals ... result was below market expectations of a 5% decline but should be considered broadly in line given the extreme volatility in recent months.

detail showed a slightly sharper than expected reversal in high rise approvals

  • a slightly weaker than expected gain for non high rise approvals.

extreme volatility makes it difficult to say which way momentum is heading although most indicators continue to point to a leg lower over the medium term


Also, WPAC on the retail sales data (again, this in summary from their more detailed note)