This information has been prepared by IG, a trading name of IG Australia Pty Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
This comes following a 4.6% fall in building approvals in July, according to the ABS.
The estimate for total dwellings approved fell 1.9% in August, while the seasonally adjusted estimate for total dwellings approved fell 9.4% in August.
Private sector houses also suffered in August, with the trend estimate falling 1.2%, and the seasonally adjusted estimate fell 1.9%.
The trend estimates of the value of total building approved fell 1.3% in August following a 9-month low.
The value of residential building fell 0.8% following 7-month lows. The value of non-residential building fell 2.3% and has fallen for 13 months.
The seasonally adjusted estimate of the value of total building approved fell 9.5% in August following a 6.9% rise in July.
The value of residential building rose 0.7%, while the value of non-residential building fell 24.5%.
The Australian dollar eased to 0.7164 against the US dollar upon the weak data, slightly falling from 0.7173.
.jpg)
