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Financial News: Australia Building Approvals Climb 2.6% In November

Australia Building Approvals Climb 2.6% In November

01/06/2021 - 20:30:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia rose a seasonally adjusted 2.6 percent on month in November, the Australian Bureau of Statistics said on Thursday - standing at 17,205.

That beat expectations for a gain of 2.5 percent but was down from 3.3 percent in October. On a yearly basis, approvals were up 15.0 percent.

Approvals for private sector houses were up 6.1 percent on month and 33.6 percent on year to 11,489. Approvals for private sector dwellings excluding houses dropped 3.9 percent on month and 13.0 percent on year to 5,377.

"Approvals for private houses have surged 40 percent since June. Federal and state housing stimulus measures and low interest rates have resulted in strong demand for detached dwellings," said Daniel Rossi, Director of Construction Statistics at the ABS.

The rise in total dwellings was led by South Australia (18.8 percent), followed by Queensland (6.5 percent) and New South Wales (1.5 percent). Falls were recorded in Western Australia (5.4 percent), Victoria (4.6 percent) and Tasmania (0.4 percent).

Approvals for private sector houses rose in all states in November, including Queensland (17.0 percent), Western Australia (7.5 percent), South Australia (2.8 percent), Victoria (1.5 percent) and New South Wales (0.7 percent).

The value of total building approved fell 8.4 percent in November, in seasonally adjusted terms. The value of non-residential building drove the decrease, falling 27.4 per cent after a strong October result (the highest since August 2019).

The value of total residential building increased 5.7 percent, comprising a 5.7 percent rise in new residential building, and a 5.6 percent increase in alterations and additions.

Also on Thursday, the ABS said that Australia posted a seasonally adjusted merchandise trade surplus of A$5.022 billion in November. That was shy of expectations for a surplus of A$6 billion and down from the downwardly revised A$6.583 billion in October (originally A$7.456 billion).

Exports rose A$1.214 billion or 3 percent on month, slowing from the downwardly revised 4.4 percent gain a month earlier (originally 5 percent).

Imports were up A$2.774 billion or 10 percent on month after gaining an upwardly revised 2 percent in the previous month (originally 1 percent).

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