Australian share market declines as supermarket stocks weigh down performance

The Australian share market declined for the second consecutive day, influenced by supermarket performance and diminishing hopes for a pre-Christmas interest rate cut. Woolworths held its annual meeting, while Coles provided a trading update. Building approvals in Australia rose by 4.4% in September, reaching 14,842, the highest since May 2023. Detached house approvals increased by 2.2% monthly and 16.7% annually, but apartment approvals fell 12.2% over the past year. New South Wales is the only mainland state experiencing a decline in approvals. High land prices in Sydney are challenging for developers, while detached house approvals in Melbourne are significantly higher than in Sydney.