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MBA highlights disappointing ABS data

The latest ABS approval data has not been met with enthusiasm by MBA.

The latest figures from the Australian Bureau of Statistics (ABS) have highlighted a muted response so far to stimuli designed to bolster the ailing Australian property sector.

Peter Jones, chief economist for Master Builders Australia (MBA), argued that following a 40 per cent downturn in June and a subsequent 23 per cent drop in July, the small rise seen in August for housing approvals across the country is not really what was required.

He commented: "After a significant fall in July, the industry was hoping approvals would bounce back and recover lost ground. An overall increase of 6.4 per cent fails to do that."

Meanwhile, MBA chief executive Wilhelm Harnisch earlier this week welcomed the recent base rate cut by the Reserve Bank of Australia, claiming the move could help deliver a significant boost to homeowners and buyers across the country, but only if these rates are passed on in full by lenders.

Posted by Steve Douglas

- ABS, property, interest, rates

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