Westpac analysts on Australia data - Building Approvals (July): -1.7% m/m (expected -5.0%)
Approvals ... the pull-back from June's 11.7% jump much milder than expected
- The detail even showed a further small rise in high rise approvals (about 4%) which had been a big driver of the June gain (up about 15%mth)
- Non high rise approvals look to have pulled back about 3% from an 8.7% gain in June with private house approvals holding flat
- Mid-rise approvals look to have pulled back while detached house approvals were flat
- Note that this is broadly consistent with construction related finance approvals which have shown a clear firming in recent months
