Only Charts

Edition #15

1. The number of new dwellings commenced in Australia in Q3 2023 fell 10.4% q/q and continued to catch down to building approvals

2. Starts declined sharply for both detached houses and higher-density dwellings in Q3

3. Dwelling completions in Australia rose in Q3 but cumulative completions over the past few years remain significantly behind cumulative starts

4. While the number of dwellings under construction in Australia remains elevated, it is declining

5. New dwelling construction has typically swung with the pipeline of dwellings under construction, but that hasn’t been the case since COVID hit because of capacity constraints and supply disruptions

6. The nominal value of spending in New Zealand using payment cards fell slightly in Q4 2023 - still weak

7. We always keep an eye on Canadian data because of parallels with Aussie developments. Statistical measures of Canada’s inflation have been chopping around on a monthly basis (first chart). On a 3m/3m basis (second chart), these measures remain comfortably above the BoC’s 2% target