I wonder if figures like these will cause the Coalition to reconsider its policy of ending economic stimulus spending ASAP if it wins office on August 21? The Australian Bureau of Statistics reported this morning that Australian housing finance commitments for owner-occupied housing fell 3.9% in June, almost twice the market forecast of 2.0%. The Advantage Job Index fell by 1.3% in July with the worst-hit sectors being human resources, which fell 10.42%, and building and construction, down 9.4%. Hardly figures describing a boom time and enough to make you wonder what unemployment would be without the continuing public housing and school building components of the Labor stimulus package.
The Bureau’s figures show that in seasonally adjusted terms we have to go back to 2001 to find fewer dwellings financed.