In a separate report ihe National Australia Bank (NAB) monthly business survey posted another strong result in April, with both business conditions and confidence improving - pointing to ongoing strength in business activity in the near-term. The report says, “The business conditions index rose 2 points, to +14 index points, which is well above the long-run average (+5) and its highest level since early 2008. Meanwhile, Business confidence came more into line with business conditions in April, hitting its highest level since 2010 (up 7, to 13 index points).”
Australian Building Approvals fell by 13.4%
The trend estimate for total dwellings approved rose 0.8% in March after falling for nine months. The seasonally adjusted estimate for total dwellings approved fell 13.4% in March after rising for two months. The trend estimate for private sector houses approved fell 0.6% in March and has fallen for 12 months. The seasonally adjusted estimate for private sector houses fell 4.3% in March following a rise of 5.0% in the previous month.
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