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Financial News: Australia Building Permits Sink 19.4% In January

Australia Building Permits Sink 19.4% In January

03/09/2021 - 20:34:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia in January dropped a seasonally adjusted 19.4 percent on month in January, the Australian Bureau of Statistics said on Wednesday - standing at 15,926.

That was in line with expectations following the 12.0 percent gain in December.

Permits for private sector houses fell 12.2 percent on month, while private sector dwellings excluding houses plummeted 39.5 percent.

On a yearly basis, overall building permits were up 19.0 percent, while private sector houses surged 38.0 percent and private sector dwellings excluding houses tumbled 22.7 percent.

Dwelling approvals fell across all states; Queensland (33.3 percent), Tasmania (24.8 percent), New South Wales (23.2 percent), Victoria (13.0 percent), Western Australia (4.1 percent) and South Australia (0.5 percent).

Approvals for private sector houses also fell across all states in January; New South Wales (19.0 percent), Queensland (19.0 percent), Victoria (8.4 percent), South Australia (3.7 percent) and Western Australia (0.9 percent).

The value of total building approved fell 16.8 percent in January, in seasonally adjusted terms. The value of non-residential building fell 16.3 percent, after rising 11.3 percent in December.

The value of total residential building approved fell in January, by 17.1 percent. This was comprised of a 17.8 percent fall in new residential building, and a 12.7 percent fall in residential alterations and additions.

Also on Wednesday, the latest survey from Westpac Bank showed that consumer confidence in Australia is picking up steam in March, rising 2.6 percent to a score of 111.8. That follows the 1.9 percent gain in February to 109.1.

Australia's success in containing COVID-19, the promise of vaccine rollouts bringing an end to the pandemic, and support from stimulatory government policies have all contributed to the sustained lift.

All components of the Index were higher in March. Confidence around the economic outlook led the gains with the 'economy, next 12 months' sub-index up 3.7 percent and the 'economy, next 5 years' sub-index up 2.3 percent.

Assessments of family finances also improved. The 'finances compared to a year ago' sub-index lifted by 2.8 percent and the 'finances, next 12 months' sub-index was up by 0.2 percent. The 'time to buy a major household item' sub-index rose by 3.7 percent.

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