Building approvals tail off

The post-GST effect on both residential building and retail sales appears to be tailing off, with both indicators improving from their July trough nationally and in WA on a seasonally adjusted basis.

However, the underlying trend in both appears weak, with declining retail sales recorded both nationally and in WA between September and October (on a seasonally adjusted basis - the ABS is still not publishing trend estimates of retail turnover), and decelerating but still negative underlying trend estimates of building approvals.