Dwelling approvals tanked in October

Wednesday 30 November 2022

New data from the Australian Bureau of Statistics shows that dwelling approvals fell 6.0% in October to be down 6.4% year-on-year.

The result missed analysts’ expectations of a 1.8% fall.

The decline was driven by unit approvals, which tanked 11.3%, whereas house approvals fell 2.2%.

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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.