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.

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