Source Australian Bureau of Statistics (latest release)
Measures Change in the number of new building approvals issued;
Usual Effect Actual > Forecast = Good for currency;
Frequency Released monthly, about 30 days after the month ends;
Next Release Sep 2, 2008
Why Traders
Care It's an excellent gauge of future construction activity because obtaining government approval is one of the first steps in constructing a new building. Building construction is important because it produces a wide-reaching ripple effect - for example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various construction services are purchased by the builder;
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