More Patchy Domestic Economic Data For Australia, As Housing Approvals Miss In December

Australian building approvals were down a seasonally adjusted 2.9% in December, below market estimates of a decline of just 0.8%.

It’s another piece of disappointing data on the domestic Australian economy which continues to show improvements in the non-mining sector are patchy at best.

Reflecting the increased activity in construction, year-on-year growth in approvals was 21.8%. The market estimate was 23.4%.

The full release from the ABS is here. The Australian dollar was down slightly on the news, falling to just below the US85c after the data release.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.