Australian building approvals beat expectations
Australian building approvals rose 5.1%, exceeding market expectations of a 2.0% increase. The strong rebound followed a 6.1% decline in the previous period, signaling an improvement in the construction outlook. However, private housing approvals fell 5.3%, reversing the previous period's 3.7% increase and suggesting that the recovery was uneven across the housing sector.
Meanwhile, Australia's final manufacturing PMI came in at 49.6, slightly below the previous reading of 49.7. The index remained below the 50-point threshold, indicating continued contraction in manufacturing activity. Despite stronger building approvals, weakness in private housing approvals and manufacturing highlighted a mixed economic outlook that could influence Reserve Bank of Australia (RBA) monetary policy expectations.
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