Building approvals bounce but trend remains down

The ABS just released the November building approvals data and while the headline figures look good on seasonally adjusted terms, the trend is clearly down:

Moreover the value of approvals for new residential building fell 3.2% in November, down six months in a row:

Combined with the December AIG construction index figures released today, showing the sector remains in contraction, reading 47 (above 50 is expansion, below contraction):

More from AIG:

House building declined for a fifth consecutive month as activity in the sector moderated further from robust mid-year levels. Apartment building also continued to contract, although the sector’s pace of decline was the slowest in three months.