Australia building permits tanked 19.9% in March

Australia government data released this Monday morning showed building permits, which are an indicator of future construction plans, dropped 19.9% y/y in March. 

Permits dropped 13.4% m/m in March. The prior month figure was revised higher to 8.9% (highest since July) from the initial estimate of 8.3%. 

The details revealed private sector houses dropped 4.3% m/m, while private sector dwellings, excluding houses tanked 22.5% m/m. 

The RBA warned last week about a potential housing market shock that would weigh on consumer spending and inflation.