Accounting for population growth, the number of dwelling approvals is almost 32% below its long-run average.

Data on dwelling approvals goes back to 1983 and dwelling approvals, as a share of the resident population, has never been lower than right now #auspol

On a trend basis, Australian dwelling approvals eased 0.6% in April. It's now at its lowest level since April 2012.

Obviously there is a long lag between approvals and construction / completions but a 12-year low is hardly ideal in the current housing / rental crisis.

Absolutely incredible what a debacle this has become.

Great news. Hope others follow.

There's just no way that someone like me - already receiving a hefty tax cut - should be receiving another $300 to pay my energy bill #Budget2024

Is equally wrong an option?

I think we all know who will get blamed if inflation is too high. It won't be the federal government.

Pretend to even care about the housing crisis and perhaps people would #auspol

It's premature to talk about the demise of Australia's labour market.

Indeed's measure of new job postings - which tracks closely with the ABS job vacancy measure - indicates that there remains incredibly strong labour demand through to May #ausbiz

The disconnect between wage growth and productivity growth represents a considerable risk to returning inflation to the RBA's 2-3% target consistently.

We need to see a huge improvement in productivity.

The RBA's latest economic forecasts.

Still expect inflation to return to their 2-3% target by the end of next year.

Unemployment rate expected to be a touch lower than previously.

Also note that the forecasts are based on a much higher cash rate assumption.

The decline in retail volumes per capita is considerably larger than during the 1990s recession or the GFC.

It'll be a brave (perhaps reckless?) RBA that hikes into that.

Australian retail volumes per capita fell 1% in the March quarter and have tumbled 3.6% over the past year. Down 5.7% from its peak.

Cost-of-living pressures continue to weigh heavily on many households.

ANZ-Indeed Australian Job Ads rose 2.8% m/m in April, thanks to a lift in Ads in South Australia, Western Australia and Queensland. @MadelineDunk Callam Pickering Catherine Birch #ausecon

As a share of Australia's population, the number of dwelling approvals is at extremely low levels.

Around 32% below it's long-term average right now, which is pretty much the opposite of what a country facing a severe housing crisis needs.

This is really a disaster given the level of migration Australia is currently running.

Dwelling approvals are currently at a level that would have been considered a bit low 20 years ago.