Builder Cites Rate Increases In Slump
A predictable debate is rising in Australia, where the central bank is ahead of its US counterpart by several months. "Building approvals slumped 6.8 per cent in March, with approvals for units and other dwellings down 25 per cent. However, private home approvals climbed 0.3 per cent."
"A sharp fall in building approvals is due solely to the Australian Reserve Bank's decision to lift interest rates in March, Master Builders Australia said yesterday."
"MBA chief executive Wilhem Harnisch said the latest building approval figures were more evidence for the Reserve Bank to leave rates on hold this month."