A snippet from Westpac's initial assessment of the data
(which is here: Australia Building Approvals for November: -9.1% m/m (expected -0.3%))
The pull-back in approvals from historic highs is against the backdrop:
- of softer demand, notably from investors (domestic and international);
- additional supply coming onto the market;
- and tighter lending conditions.
The cooling of the housing market will weigh on the economic outlook for 2019
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Meanwhile, the Australian dollar … it had a pop earlier:
- AUD pops a stop or two
- as noted in the post, the USD weakened elsewhere at the same time but AUD was a bit of a star performer on the move
And its since dropped back after the permits data: