New Zealand data - August Building Permits -6.7% m/m (prior -5.4%)

Data for building consents in NZ for August 2023, down 6.7% m/m

• previous was -5.4%
• for the y/y -17%

Commentary from the statistics folks in the NZ government:

• “This figure continues the downward trend from the peak of 51,015 in the year ended May 2022,”
• “However, the number of new homes consented in the year ended August 2023 is still at a higher level than any 12-month period prior to 2021.”

NZD/USD little changed, circa 0.5995.

Earlier from NZ:

• RBNZ policy meeting this week - "Shadow Board" recommend cash rate hold at 5.5%