The Albanese government’s fantastical target to build 1.2 million homes over five years is centred on delivering a boom in high-rise towers. However, the April dwelling approvals data from the Australian Bureau of Statistics (ABS) showed that high-density approvals have collapsed. Overall dwelling approvals fell by 5.7% in April in seasonally adjusted terms, which followed
This weekend saw 2,962 auctions held across the capital cities, the highest volume since the week before Easter and the second-highest volume of auctions so far this year. Cotality (formerly CoreLogic) reported a preliminary auction clearance rate of 70.0%, down slightly from 71.3% last week, which was revised to a final clearance rate of 65.1%
DXY and EUR both look like they are consolidating for more. AUD at bottom of rising channel. Brent will crash Monday after OPEC lifted output again. The child president is making everyone except the US “drill, baby, drill”. Metals no bueno. Miners yuk. EM meh. Junk all good. Yields helping. Stocks on hold. Is the
By Stephen Wu, senior economist at CBA. Headline inflation in April was unchanged at 2.4%/yr, with the annual trimmed mean measure nudging up to 2.8%. Retail trade data surprised on the downside, with warmer weather and price rises playing a role. The week ahead brings Q1 25 GDP, where we expect the annual rate to
Cotality (formerly CoreLogic) has published its daily dwelling value index for 31 May, which covers Australia’s five major city housing markets. Dwelling values rose by 0.5% in May at the aggregate 5-city level, with all major markets recording solid increases: Over the May quarter, dwelling values rose by 1.2%, with Brisbane (1.6%) leading the way,
The Albanese government’s National Housing Accord commenced on 1 July 2024 and requires the construction of 1.2 million homes over five years, which equates to 20,000 homes per month and 240,000 homes a year. As illustrated in the next chart, the 240,000 annual housing target is beyond anything Australia has ever achieved before and way
International Reading: Elon Musk wants to rollout robotaxi in Austin in two weeks – Fortune America has a billionaire problem — we need a wealth tax to fix it – The Hill The Republican budget is an attack on the American economy – Public Notice Tariffs, and Trump’s entire economic agenda, were just thrown into
The TACO in Chief is again threatening more tariffs on the EU just 24 hours after a yeah-nah decision by US courts to remove then reinstate the global tariffs, which of course is translating into a lot of hesitation on risk markets. This comes just after clear signs that a US recession is underway while
This week, I was interviewed by Andrew Bolt from Sky News on the latest housing forecasts from the federal government’s advisory body, the National Housing Supply and Affordability Council (NHSAC). Edited transcript Andrew Bolt: The government’s National Housing Supply and Affordability Council (NHSAC) has put out its annual report, the State of the Housing System,
A slight exaggeration perhaps, but certainly looser than the always wrong RBA would have you think. Via Goldman. A key uncertainty in Australia’s monetary policy outlook is whether the labour market is still operating above full employment and therefore a source of inflationary pressures. In our view, the labour market has arrived at a ‘sweet