The economy needs more than another brick in the wall

Although building approvals surprised on the downside for February, growth in dwelling investment remains strong. But it’s still unlikely to be enough to offset the fall in mining investment.

Despite declining in February, building approvals remain at an elevated level and point towards a boost in dwelling investment over the next two years. But after adjusting for population growth, building approvals remain well below their prior peak and suggest that the boost to dwelling investment may not be as large as many hope.

Building approvals fell by 5.0 per cent in February, much weaker than expectations, to be 23.2 per cent higher over the year. The decline largely offsets last month’s strong 6.9 per cent rise in approvals.

Graph for The economy needs more than another brick in the wall


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