Building approvals data continues to moderate, firstly, by number.
Plenty left to carry the building materials for a little while longer, but after that, expect pressure on the top line.
From our perspective, better to find the QGARP stocks from amongst the sector, which include ABC, to our mind.
Solid operators, reasonable balance sheet, quite cheap.
Also something of a negative backdrop to the banks, in that housing and housing related activity (approvals, construction) are what have driven the surging demand for home loans, which are also moderating.
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