Building approvals plunge shows construction boom unravelling
The ABS data published today is "the clearest sign to date that Australia's high-rise driven dwelling construction boom is starting to turn down", Westpac economist says.
Patrick Commins writes on Markets specialising in Equity Markets, Currencies, Debt Markets. Based in our Sydney newsroom, Patrick is Markets deputy editor and has over six years experience as a journalist.
The ABS data published today is "the clearest sign to date that Australia's high-rise driven dwelling construction boom is starting to turn down", Westpac economist says.
The ASX ended Friday higher but gave up some of last week's strong gains over the five sessions as post-US election enthusiasm ran out of steam.
Across Australia, salaries rose 2 per cent in the year to September, the lowest growth rate in 18 years.
Shares finished the day broadly flat as selling in the major miners offset gains in bank and energy stocks.
If you're frustrated that you haven't had a payrise in years, you're not alone, the latest wage growth figures suggest.
If Chinese policymakers were to stop intervening in their currency, the renminbi would go down rather than up, economists say.
The coming days carry crucial tests for the new RBA governor and bank shareholders as quarterly inflation figures are released and NAB reports it annual profits.
The outlook for global inflation is on the turn, but economists are more worried that CPI figures this week might force the RBA into cutting rates again.
A marginal decline for the ASX over the week masked some vicious share price moves.
The world has changed to the point where low rather than high inflation is the primary concern and the US Fed risks "particularly high social costs" if it underestimates the new reality and raises rates too far and too fast.
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