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Analysts at TD Securities note that Australia’s  August building approvals fell -9.4% m/m (prior -4.6% m/m) in contrast to expectations of a bounce (mkt +1% m/m).

Key Quotes

“As a result building approvals are down a hefty 13.6% y/y. A huge drop in approvals for apartments was to blame as private houses had a relatively small fall -1.9%/m. It is worth noting that the biggest apartment correction is in Victoria, where population growth is still the strongest among all the states.”