Australian Building approvals (June): -2.9% m/m (expected +0.8%, prior -5.2%)

Australia - Building approvals for June

-2.9 % m/m

• expected +0.8%, prior -5.4%, revised from -5.2%

-5.9 % y/y

• expected -2.4% & prior -9.2%, revised from -9.1%

• Private sector houses -2.3% m/m
• Private sector apartments -2.4% m/m

The thing about building approvals is that with the mining investment capex cliff one of the sectors being relied upon for expansion and continued employment growth is construction, and residential is a big component. So, a disappointment on these figures today.

Trade deficit data for June out simultaneously

Disappointing misses for both the trade deficit and building approvals and yet little response from the AUD. All about the RBA innit? Just under 3 hours to go.