Housing Finance

The Australian Housing Finance figures for August came in line with expectations with the number of owner occupied approvals increasing by 1%. Approvals for the purchase of new dwellings fell by 2% and the construction of new dwellings also dropped, continuing the trend since the ending of the First Home Buyers Grant. On the Global front, the OECD indicator for the 33 industrialised economies dropped from 103 to 102.9. This leading indicator, which looks forward into economic activity, may become an issue for policy makers as it could possibly signifying a global relapse into weak growth.