Dwelling approvals continue to trend lower

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By Leith van Onselen

The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of August. At the national level, the number of dwelling approvals fell by a seasonally adjusted 6.9% to 18,701. The overall fall was driven by the volatile unit and apartment segment, which slumped by 11.4% in August. By comparison, the more stable house approvals segment rose by 4.9% over the month.

The result badly missed analysts’ expectations of a 2% fall in approvals over the month.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.