- With thin data for markets to move off, reference rates have been stable.
- Rises in TD and NCD rates have been primarily driven by a strong demand across the system.
- This has been rewarding for market participants looking to place who have been able to pick up TDs upwards of 5.00% and NCDs at a margin of +50 today.
Housing Approvals Drops to 11 Year Low
- Total dwellings approved in Australia fell by 8.1% for the month of April.
- This came in significantly lower than the consensus of a 1.0% fall.
- This considerable fall was driven by less permits for apartment and townhouse buildings.
- The released data may suggest that the laggard effect of restrictive monetary policy may finally feeding into the economy.
- As the population growth continues to surge and demand for housing increases, this trend of new dwellings slowing down my exacerbate the current rental and affordability housing crisis.