1.  A report yesterday showing building approvals unexpectedly fell in July fanned speculation that the rate cutting cycle may not be over.

2.  Building approvals, retail spending and employment growth also are showing only sluggish growth and businesses, particularly those in manufacturing, say they are doing it tough.

3.  Currently, it takes two to five years for land conversion and subdivision, and three to six months for building plan approvals.

4.  However, Treasurer Peter Costello maintained a raft of positive economic data, including increased retail spending and building approvals, indicated economy activity was picking up.