Two big building suppliers polish up the property turd today. FBU and CSR:
Fletcher really didn’t even bother with much polish:
Fletcher expected Australian residential approvals to drop to between 150,000 – 160,000 in financial 2020, from 190,000 in the year ending June 30. Approvals would then experience a marginal improvement to 170,000 in fiscal 2021 before a rebound to 200,000 in the year ending June 2022.
“That feels about right,” Mr Taylor said on Wednesday. Talks with builders and other market players suggested similar views but the bottom hadn’t been reached yet in a market still contracting.
CSR tried but also tank it up: