Australia is not only missing out on the strong global economic recovery, but seems to be digging its own private recession deeper and deeper. Further evidence for this arrived in the latest housing numbers from the Australian Bureau of Statistics (ABS).
Each month, local authorities allow a certain number of new dwellings to be built -- houses, blocks of flats, town houses, and high-rise apartments. The number is a decent indicator of the economy’s health. It does not go up steadily with population. It is impacted by household incomes, home loan interest rates, and confidence in the future, among other factors.