12 Jul 2013
Flash: Australian housing loans eyed - NAB
FXstreet.com (Barcelona) - In Australia, housing loans data for May will be published today, with NAB Economists forecasting an increase in the number of housing loans approved to have risen by 2.5%.
As NAB notes: "The median forecast in the market is 2.2%. For the more important value of housing loans approved (a better guide to activity in the housing market) we expect a stronger number of about 3½%. If these forecasts prove to be correct, this will continue the run of positive housing loan numbers evident since the beginning of this year."
For RBA, the Bank notes "this series is at least one data set they can point to for reassurance that the rate cuts so far are having a positive effect on the economy." NAB adds that up to this point in time, "the increased activity in the housing market has only translated into a modest rise in building approvals, a real activity indicator for housing construction." NAB went on saying that "if anything, the latest data suggested that the rise in building approvals could be running out of steam."
As NAB notes: "The median forecast in the market is 2.2%. For the more important value of housing loans approved (a better guide to activity in the housing market) we expect a stronger number of about 3½%. If these forecasts prove to be correct, this will continue the run of positive housing loan numbers evident since the beginning of this year."
For RBA, the Bank notes "this series is at least one data set they can point to for reassurance that the rate cuts so far are having a positive effect on the economy." NAB adds that up to this point in time, "the increased activity in the housing market has only translated into a modest rise in building approvals, a real activity indicator for housing construction." NAB went on saying that "if anything, the latest data suggested that the rise in building approvals could be running out of steam."