Building approvals in Australia have collapsed 11% in September from the previous month.
The key driver of the fall was a 21.9% fall in private sector dwellings excluding houses although private sector houses were down 2.9% on their own.
In value terms, the ABS reported a fall of 9.5% seasonally adjusted driven by a fall in residential building of 16.1% and a rise in non-residential building of 5.3%.
What is clear is that the pace of building approvals has slowed from the peak and – if you are a chartist – looks like there is further weakness ahead.
The economy giveth with job ads and taketh with building approvals.
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