The Australian Bureau of Statistics (ABS) today released a series of economic updates, highlighting changes across building approvals, export prices and retail spending for September 2024.
In building permits, the seasonally adjusted total of homes increased 4.4% to 14,842 units in September. This increase follows a 3.9% decline in August. Private sector home approvals increased 2.2% to 9,745, marking the highest level since August 2022. Other private sector housing approvals increased 4.7%, driven primarily by apartment approvals high-density, although they remain 12.2% lower than a year ago. Geographically, approvals increased in Queensland (14.3%), Western Australia (11.4%) and South Australia (8.2%), while New South Wales saw a decline of 14.8%.
The export price index fell 4.3% in the September quarter, representing the third consecutive quarterly decline, with an annual decline of 6.8%. Prices for major Australian exports such as coal, coke and ores saw significant declines, falling 8.9% and 8.6% respectively. The ABS attributed this decline to weak demand from China’s property market, which weakened steel production and reduced demand for Australian iron ore. Meanwhile, the price of raw fertilizers and minerals fell 14.4% in the quarter due to rising global lithium supply. In contrast, gold prices rose 4.4% as demand from central banks increased amid global uncertainty.
Retail spending in September showed a slight increase of 0.1%, following a 0.7% increase in August. While overall spending remained stable, performance varied across sectors. Retail of household goods recorded the highest growth at 0.5%, while bars, restaurants and takeaway food services grew by 0.4%. Department stores and food retail both saw slight declines, down 0.5% and 0.1%, respectively. Across states, most regions recorded stable spending levels, although the Northern Territory saw a decline after four months of consecutive increases.