Building approvals figures, due on Tuesday, are expected to have begun the new year on the back foot.
Approvals for the construction of new homes are forecast to have slipped three per cent in January, after rebounding 9.2 per cent in December, seasonally adjusted.
Westpac economists warned of more volatile moves in early 2016 given the high concentration of unpredictable high-rise approvals in recent months.
"(Also) note that the holiday season typically sees a 20-30 per cent drop in approvals in January," they said.
"The heavy seasonal adjustment factor applied to the month means the headline approvals estimate can be erratic and prone to revision."
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