Australia Macro Updates

The One Stop Portal for Australia Macroeconomic Data. Simplified and Summarized!

We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

2nd May 2024

Building Approvals, Australia

Key takeaway: Total dwellings approved increased 1.9% m-o-m to 12,947 units for the month of March 2024. The yearly change stands at -2.2%. Moreover, the February figure was also revised upwards from 12.52K units to 12.71K units. The big picture story has been one of continued housing shortage in Australia.  The Australian government targets to have approximately 240K units constructed every year for the next 5 years to achieve an additional 1.2mn units in order to bridge the demand supply gap. However, overall construction has generally fallen short of these targets resulting in a continued upswing in real estate prices. Economists also attribute net immigration to be a major cause for the demand supply mismatch with approximately 500K net migration in the 2022-23 period. For instance, numbers suggest only 174K dwelling were constructed in the 2022-23 period compared to the population increase of 626K in the same period. Home construction rates are almost 50% lower than their peak in March 2021. Even for March, even though dwelling approvals increased on a month on month basis, the number was lower than consensus expectations (+3.5%). 

4th Apr 2024

Key takeaway: Total dwellings approved fell 1.9% m-o-m to 12,520 units for the month of February 2024. The yearly change stands at -5.8%. Moreover, the January figure was also revised down from 12.85K units to 12.76K units. The big picture story has been one of continued housing shortage in Australia.  The Australian government targets to have approximately 240K units constructed every year for the next 5 years to achieve an additional 1.2mn units in order to bridge the demand supply gap. However, overall construction has generally fallen short of these targets resulting in a continued upswing in real estate prices. Economists also attribute net immigration to be a major cause for the demand supply mismatch with approximately 500K net migration in the 2022-23 period. For instance, numbers suggest only 174K dwelling were constructed in the 2022-23 period compared to the population increase of 626K in the same period.  Also another concerning point is that the trend in building approvals continues to be on a downward spiral. Home construction rates are almost 50% lower than their peak in March 2021. Even for February, consensus expectations were for an increase of 3.0% but the actual print was far lower. On an full year basis, in the 12 months to February 2024, just 163K units received sign off. This level is much lower than the 12 month rolling average of approximately 177K prior to the pandemic. 

4th Mar 2024

Key takeaway: Total dwellings approved fell 1.0% m-o-m to 12,850 units. The yearly change stands at +4%. Moreover, the December figure was also revised down from 13.1K units to 12.98K units. The big picture story has been one of continued housing shortage in Australia.  The Australian government targets to have approximately 240K units constructed every year for the next 5 years to achieve an additional 1.2mn units in order to bridge the demand supply gap. However, overall construction has generally fallen short of these targets resulting in a continued upswing in real estate prices. Economists also attribute net immigration to be a major cause for the demand supply mismatch with approximately 500K net migration in the 2022-23 period. For instance, numbers suggest only 174K dwelling were constructed in the 2022-23 period compared to the population increase of 626K in the same period.  

1st Feb 2024

Key takeaway: Total dwellings approved fell 9.5% m-o-m to 13,085 units. The yearly change stands at negative 12%. Moreover, the November figure was also revised down from 14,529 to 14,463. The big picture story has been one of continued housing shortage in Australia.  The Australian government targets to have approximately 240K units constructed every year for the next 5 years to achieve an additional 1.2mn units in order to bridge the demand supply gap. However, overall construction has generally fallen short of these targets resulting in a continued upswing in real estate prices. Economists also attribute net immigration to be a major cause for the demand supply mismatch with approximately 500K net migration in the 2022-23 period. For instance, numbers suggest only 174K dwelling were constructed in the 2022-23 period compared to the population increase of 626K in the same period.  

9th Jan 2024

Key takeaway: Total dwellings approved rose 1.6% m-o-m to 14,529 units. The yearly change stands at negative 4.6%. The big picture story has been one of continued housing shortage in Australia.  The Australian government targets to have approximately 240K units constructed every year for the next 5 years to achieve an additional 1.2mn units in order to bridge the demand supply gap. However, overall construction has generally fallen short of these targets resulting in a continued upswing in real estate prices. Economists also attribute net immigration to be a major cause for the demand supply mismatch with approximately 500K net migration in the 2022-23 period. For instance, numbers suggest only 174K dwelling were constructed in the 2022-23 period compared to the population increase of 626K in the same period.