ABS statistics released today suggest that In November the total number of dwellings approved in Australia fell by 4.2 per cent as compared to October in trend terms. More importantly, the total number of dwelling units approved was down 26.1 from November 2007.
The chart shows the pattern in both trend and seasonally adjusted terms.
The important point to note is that the downward trend was in place long before the global financial crisis.
I make this point because of the tendency to blame every piece of bad economic data on the global crisis.