Australian building approval data: "detail was consistently on the weak side"

A response to the building permits data for July released earlier:

• Australia building approvals for July: -5.2% m/m (expected -2.0%)

This (in brief) via Westopac sums it up:

• Dwelling approvals posted a sharper than expected pull back in July
• It should be noted that monthly approvals are very volatile
• That said, the detail was consistently on the weak side with all segments and states recording declines in the July month
• Overall though the July report is a weak one for new building with the detail starting to move more in line with our expectation of a renewed decline in this segment

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AUD update: