Building permits are an indication of the pipeline of construction activities ahead. Rising interest rates in Australia are weighing on this sector somewhat.
The headline is -17.2% m/m
- expected -2%, prior -0.7%
Private sector house approvals rose 0.7% m/m.
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Rising interest rates have taken some of the steam out of the property sector. We saw similar in New Zealand, where rates began rising well ahead of Australia.
The trend is very clear:
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more to come