Australian Building Approvals for September: -4.6% m/m (expected +1.3%)

Australia Building Approvals for September 2023 come in at -4.6% m/m

• expected +1.3%, prior +7.0%

A poor report for the sector. IF the RBA is eyeing data on the health of the Australian econly they’ll be getting worried.

This from earlier (check the remarks from the report, not confidence inspiring at all):

• Australian final manufacturing PMI for October: 48.2 (prior 48.7)

Meanwhile, inflation appears to have gotten away form policymakers at the Bank and a rate hike next week (November 7) seems likely. The IMF is urging it:

• IMF tells the RBA to hike interest rates higher, and hold ’em high for longer

Not that you want to pay too much attention to the Fund, but in this case they are correct.

This article was written by Eamonn Sheridan at www.forexlive.com.