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Weak building approvals data: a stark warning for Labor



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MEDIA RELEASE

THE HON JOE HOCKEY MP

SHADOW TREASURER

Monday, 2 April 2012

WEAK BUILDING APPROVALS DATA - A STARK WARNING FOR LABOR

Today’s Residential Building Approvals numbers from the ABS highlight the fragility of the Australian economy.

The fall in March approvals of 7.8% ran counter to market expectations for a rise of 0.5%. Trend data has now fallen for 15 consecutive months, with the weakest States and Territories being the ACT, NSW, VIC and NT.

This result has occurred despite two cuts to the cash rate in the final months of 2011.

Australian households clearly do not trust the Labor Party to deliver stability and confidence.

The government must immediately act to restore confidence in the Australian economy by repealing the onerous carbon tax, which will drive up the price of everything and cost Australian jobs.

Only the Coalition can restore stable and transparent government.

[ENDS]