Australia Building approvals for May

-3.2% m/m … miss

  • expected 0.0% m/m, prior -5.0%

+3.1% y/y … miss

  • expected +9.9% y/y, prior +1.9%

This is a volatile data series (it can be expecially influenced by 'lumpy' multi-unit dwelling approvals), living up to that reputation today coming in well, well, below median estimated.

For background, building permit preview here: preview

And, yet to come ….