Building approvals backflip

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Well, so much for the good news. The August pump in Building Approvals has more than reversed, returning the series to its declining trend in September:

The state by state table shows universal (-SA) falls:

NSW more than reversed its jump. The Victoria boom continues its unwind as well. Here’s the chart:

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Once again the RBA looks good.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.