Analysts at TDS note that Australian building approvals for Nov exceeded even TD’s top of the market +2%/m forecast, jumping +11.7% with total building approvals the 3rd highest on record.
Key Quotes
“In contrast, the market was forecasting a 1% decline. In percentage terms, apartment approvals rose 30%/m, while housing approvals dropped 2%. By geography, Victoria accounted for nearly the entire increase, with total approvals rising 38%, but declines seen in NSW, QLD and SA. At face value, it does suggest the unwind in the housing construction boom is not as bad as initially feared. However, we would be more bullish on today’s outcome had the increase in building approvals not been so narrowly focused to apartments and Victoria.”
“ANZ Weekly Consumer Sentiment jumped more than 4.5% to 122, the highest level since Nov 2013. This series has been trending higher since Sep 2017. Let’s see if the positive sentiment over the prior months is supportive for Aussie retail spending, data for Nov out on Thurs.”
“ANZ Job Ads for Dec fell 2.3%. This continues the downward trajectory in job ads that begun in May 2017. Plotting this series vs ABS headline employment suggests a monthly increase closer to 15k/mth.”
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