Aussie house approvals collapse to 10-year low

Australian dwelling approvals continue to crash with the Australian Bureau of Statistics (ABS) today reporting a 27.6% seasonally adjusted decline in approvals over January to be down 8.4% year-on-year.

Private sector houses approved fell 13.8%, while private sector dwellings excluding houses fell 40.8%:

Commenting on the result, ABS head of construction statistics, Daniel Rossi, said: “Approvals for private sector houses fell by 13.8 per cent, the fifth consecutive drop, to be the lowest result recorded since June 2012”.

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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.