Heather Duplessy-Allen

That's for the 12 months to the end of April.

So a touch over 39,000 building consents.

Back in 2021, we were hitting a rate of about 50,000.

So we're nowhere near that

Monthly momentum is positive.

Remember, monthly numbers are quite volatile.

It was up 11% on a seasonally adjusted basis.

That represents over 50% of the annual growth as opposed to standalone homes.

So townhouses, multi-units, 16,832 consents year on year, 19% lift there.

You compare that to standalone houses, still going up but only at 14%.

Now, I suppose I sort of look at these numbers and just I do wonder if you think about this conflict that started last

So maybe they're still processing projects that were being sort of talked about in January and February.

So we're really going to need to have a look at the numbers in the next couple of months to see whether or not we do see a fall off, because you would have thought that maybe

Energy price uncertainty, possible interest rate rises might hit this.

We don't know yet.

Non-residential sector looks pretty flat, Heather.

Tracking sideways, when I look at it on a value basis, it's down 0.4% year-on-year.

If we look at it on a volume, floor space basis, a very modest uplift, 0.7%.

It's going to be fascinating to see whether or not we see an impact on this, but it's just a little bit delayed.

What do you make of the Australian GDP for Q1?