Australian building approvals (February)
+3.1 % m/m
– expected +2.0%, prior was -6.6%, revised higher from -7.5%
-9.0 % y/y
– expected -9.0%, prior of -15.4%, revised up from -15.5% y/y
As I said in the ‘preview’ earlier – the downtrend in approvals is in place and continuing. There are a lot of building projects in the pipeline which should boost supply in coming months though.