The number of domestic building permits granted for the month. Strong growth in new approvals and permits indicates a growing housing market. Because real estate generally leads economic developments - housing tends to thrive at the start of booms and wane at the onset of recession - the figure can be used with others to forecast future growth in the economy as a whole. For this reason Business Approvals is one of eight components used to construct the Conference Board Leading Index, a widely used index to forecast Australia 's economic course. A strong housing market also tends to lead consumer spending. The headline number is the seasonally adjusted percentage change in new building approvals from the previous month.

Relevance: Rarely affects markets
Release Schedule : 1:30 (GMT); monthly, first week of every month.
Revision Schedule: Monthly
Source of Report : Australian Bureau of Statistics
Web Address : http://www.abs.gov.au/
Address of Release : http://www.abs.gov.au/ausstats/abs%40.nsf/mf/8731.0
AKA: Building Permits