A larger than expected fall in building approvals has further added to the case for an interest rate cut.
Bureau of Statistics figures show the number of dwellings approved during October fell 7.6 per cent.
That was split between an 18 per cent slump in the highly volatile non-house sector (which is generally skewed up or down by the approval of large apartment developments), and a 1.5 per cent slide in house approvals.
Economists had generally been expecting a more modest 2 per cent fall.
However, September's 7.8 per cent gain was revised up to a 9.5 per cent jump, meaning October's fall was coming off a slightly higher base than previously thought.
The more stable trend figures have housing approvals falling 0.3 per cent in October, with private sector houses up slightly and the non-house sector down 2.4 per cent.
Westpac's economics team, which is one of those tipping a Reserve Bank rate cut today, says the figures are not actually as bad as they look on the face of it.
"As disappointing as the October drop in approvals is, it is still well within the range of monthly volatility for this series and as such does not necessarily mark the end of the uptrend apparent since mid-year," the economists wrote in a note on the data.
"Instead it highlights the uneven, patchy nature of the current recovery: not just month to month but by segment and state as well." On an annual basis, private house approvals are up 4.6 per cent on this time last year, while unit approvals are up by nearly two-thirds.
Approvals in New South Wales are 32.5 per cent higher than this time last year, Queensland approvals are up 25.2 per cent, Victoria 22.4 per cent and Western Australia 12.3 per cent.
However, South Australia has seen a 14.5 per cent slide in approvals since October last year, and Queensland, Victoria and South Australia all saw approvals dip in the month of October.