Australia: Building approvals nudged higher in June – ANZ

Analysts at Australia and New Zealand Banking Group (ANZ) expect Australia’s building approvals to advance in the month of June, despite ongoing tightening in credit availability and weaker housing finance results.

The data will be reported on Tuesday at 0130 GMT.

Key Quotes:

“We believe building approvals nudged higher in June. This is likely to be driven by a substantial increase in Queensland after approvals in the state fell by nearly 30% in May. 

However, this doesn't change our view that approvals will continue to trend lower from here. 

Ongoing tightening in credit availability and weaker housing finance results suggest that building approvals are set for further weakness, regardless of some potential respite in June.”