For July
Provided by: Australian Bureau of Statistics (ABS)

Approvals for home loans declined 0.2% in July, slightly below the forecast of flat growth. In June approvals declined by a much larger 3.7%, though today's negative result is the now the 6th straight month that approvals have dropped. The central bank lowered rates to 7.00% from 7.25%, in a move to make monetary policy less restrictive. It was the first time the RBA has lowered rates in nearly 7 years. With the economy cooling as domestic demand decreases, the bank expects inflation to moderate. 

Governor Glenn Stevens signaled that the RBA was going to lower rates, in its statement following the August 5th meeting. Since then the AUD/USD slid from 0.9150 to 0.8075, a move of 1000 pips. Only a couple of weeks earlier, on July 15th, the AUD/USD hit a 24-year high near 0.9847. The slide from that high is even more dramatic, amounting to almost 1750 pips in about two months time. 

For July m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: -3.7%, forecast -6.4%, pr. -7.8% (Jun), -0.4% (May),
5.2% (Apr)

Building permits declined after June's data was revised up. This continues a trend of decline that is due to toughened lendng standards and higher market interest rates. The RBA's rate cuts in part is due to a struggling housing market. The problems are not as deep as that of the US and UK. The difference though in Austraia is that there is no excessive inventory. In fact the growing poulation calls for more construction and home loans. 

For June
Provided by: Australian Bureau of Statistics (ABS)

Home Loans y/y pr. -3.6%

The number of home-loan approvals fell to a four-year low in June, declining 3.7% from May. It seems that the Australian housing sector is catching the same bug already afflicting the US and the UK. Banks are cutting back on lending in 2008, and consumers, racked by high borrowing costs are unable to get financing that meets their terms. Prices have started backtracking. On Sunday, the quarterly house price index showed a 0.3% decline, the first in nearly 3 years. With the economy entering a period of moderation in growth, housing activity will only be pressured further. A weaker housing market will work the other way as well, as consumers already under siege from higher energy and food costs may cut back spending in the face of withering prospects for selling their homes.

The Reserve Bank of Australia has already signaled that it will move to lower rates, which is pressuring the Aussie as it continues its slide vs the US Dollar. In the last 10 sessions the pair has declined from 0.9800 to 0.9100.

For June m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: -7.8%, forecast -4.1%, pr. -0.4% r (May), 5.2% (Apr)

For May
Home Loans y/y -3.6%
Provided by: Australian Bureau of Statistics (ABS)

Home loans had the biggest drop in 8 years, to 52,006 in May. This is below the trend estimate of 54,738. Construction declined by 5.0%, purchases of new dwellings fell -13.5%, and purchases of established dwellings dropped 8.0%. High borrowing costs are putting a damper on the housing market which has been pressured since the beginning of the year. From the release

The number of owner occupied housing commitments (seasonally adjusted) decreased 7.9% (down 4,478) in May 2008 compared with April 2008, following a revised decrease of 4.2% in April 2008. Decreases were recorded in the purchase of established dwellings excluding refinancing (down 2,174, 7.0%), refinancing of established dwellings (down 1,812, 9.6%), purchase of new dwellings (down 261, 13.5%) and construction of dwellings (down 231, 5.0%). The trend estimates for the total number of owner occupied housing commitments decreased 4.2% in May 2008.

For May m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: 0.2%, forecast 7.2%, pr. 5.2% (Apr), 0.7% (Mar)

Australia's home approvals declined 6.5% on the month and are up 0.2% on the year. Approvals have been down 4 of the first five months of the year, as high interest rates put a clamp on investment projects such as homes. A bout of inflation has kept the Bank on the offensive this year, despite signs the economy may be softening. A slowdown in demand may help alleviate some of the price pressures the economy has seen recently. Lending to consumers and businesses by banks and other financial institutions has slowed this year.

For April
Provided by: Australian Bureau of Statistics (ABS)

Australian home-loan approvals fell for a third straight month, with homebuyers becoming more cautious about their purchases with interest rates at a 12-year high, and the conomic situation looking less uncertain. The 3% decline was a bigger drop thatn economists had forecast. The AUstralian economy has been seeing a slowdown in dmeand, but not in inflation, and the Reserve Bank of Australia Governor signaled that interst rates may go up if demand rebounds continuing to stoke inflation. 

For April m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: 5.2%, forecast -3.3%, pr. 0.7%

Building approvals saw a large jump for April, surprising forecasts on the upside. March's approvals were a revised -5.5%. It was the first increase in 5 months, as demand for housing picked up. The news adds some positive news to the Australian economy which seemed to be heading for a slowdown according to recent data such as retail sales and manufacturing. The increase in approvals means the market for housing has some interest, and that the economy may be performing well despite 12-year high interest rates of 7.25%. 

For March
Provided by: Australian Bureau of Statistics (ABS)

Permits for owner occupied housing fell 6.1% in March after a upwardly revised 6.8% drop in February. The seasonally adjusted total of 59,371 permits from February to March values 14,224 billion AUD, a 4.4% decline from the previous month. The RBA acknowledges a moderation in housing as well as the general economy. So far, although signs point to declining demand and worsening consumer and business confidence, a resilient workforce should keep the Australian economy in decent shape to weather the ongoing global slowdown. The Aussie traded lower following the news, but rebounded overnight.

For March m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: -0.7%, pr. -1.6% (Feb), 5.1% (Jan)

The housing market continues to slump in Australia. building approvals have been on a downtrend since October-November last year. The Construction PMI for March contracted for the first time since April last year. As the winter for Australia approaches there is an expected slowdown as interest rates are at record highs as well. 

From the release:

Total Dwelling Units:

The trend estimate for total dwelling units approved fell 2.1% in March 2008.

The seasonally adjusted estimate for total dwelling units approved fell 5.7% in March following a revised fall of 0.8% in February.

Values of Buildings Approved:

The trend estimate for the value of total building approved fell 0.9% in March. The trend estimate for the value of new residential building approved fell 2.5% and the value of alterations and additions fell 0.3%. The value of non-residential building approved rose 0.9%.

The seasonally adjusted estimate for the value of total building approved fell 0.1% in March. The seasonally adjusted estimate for the value of new residential building approved fell 6.0% in March. The seasonally adjusted estimate for the value of alterations and additions fell 7.0% and the value of non-residential building rose 8.9%.

For February
Provided by: Australian Bureau of Statistics (ABS)

The number of loans granted to people to build or buy homes or apartments dropped a seasonally adjusted 5.9% in February to 63,817 commitments (carrying a total value of A$14.95 billion). In January, permits totaled 67,794 valued at A$15.90 billion. The drop was the largest in four years, and undershot expectations of slightly positive growth of 0.5%. The report also showed that the total value of housing finance fell 7.1 per cent in February to $21.5 billion.

The implications is that the economy may be cooling as four interest-rate increases in seven months work their way through the economy. Interest rates, at 7.25%, are at a 12-year high. Growth in the economy is slowing and the central bank will lower its forecasts for economic growth and inflation when its quarterly policy statement is released on May 9 the central bank governor Stevens said at a half-year testimony to parliament's economics committee in Sydney.

For February m/m (s.a.)
Provided by: Australian Bureau of Statistics (ABS)

Building Approvals y/y: -1.6%, pr. 5.1% (Jan), -0.9% (Dec)

Pre-Release: Last month's building approvals recovered to show growth of 1.9% m/m, after permits fell by 16% in January. The pick up was encouraging, but Australia is currently facing higher interest rates, and what appears to be some effects of the global slowdown.

Seasonally adjusted month-over-month for January
Release from Australian Bureau of Statistics (ABS)

Building Approvals y/y: 5.1%  pr. -0.9%

In January, total approvals for dwelling recovered slightly after it plunged in December. The trend however has been turning negative after peaking last year in November. 

For December (s.a.)
Official Release from Australian Bureau of Statistics

Approvals y/y: -0.9%

Building approvals took a dive in December, with 12,263 units approved on a seasonally adjusted bases.