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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of January, which reported a sharp decline after the HomeBuilder subsidy was cut from $25,000 to $15,000.
Total approvals tanked by 19.4% in January, but were still 19.0% higher over the year. The decline was broad-based with house approvals down 12.2% month-on-month (+38.0% year-on-year) and unit approvals down 39.5% month-on-month (-22.7% year-on-year).
The next chart, which presents the data in seasonally adjusted terms, plots the changes:
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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.
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