The total number of building approvals issued in Australia jumped a seasonally adjusted 0.9 percent on month in October, the Australian Bureau of Statistics said on Thursday – coming in at 19,074.
That beat forecasts for a decline of 1.0 percent following the downwardly revised 0.6 percent monthly increase (originally 1.5 percent).
On a yearly basis, approvals surged 18.4 percent – again exceeding expectations for 14.1 percent after adding 0.2 percent in the previous month.
Permits for private sector houses gained 1.5 percent on month and 6.2 percent on year to 10,063, while permits for dwellings excluding houses fell 1.0 percent on month but surged 37.6 percent on year.
The seasonally adjusted estimate of the value of total building approved fell 1.1 percent in October. The value of residential building rose 5.4 percent, while the value of non-residential building fell 10.1 percent.
Also on Thursday:
• The ABS said that private new capital expenditure in Australia was up a seasonally adjusted 1.0 percent on quarter in the third quarter of 2017, standing at A$29.368 billion.
That was in line with expectations following the 1.1 percent increase in the three months prior.
On a yearly basis, capex gained 2.3 percent.
Individually, capex for buildings and structures added 1.2 percent on quarter and 2.4 percent on year to A$16.462 billion, while capex for equipment and machinery added 0.7 percent on quarter and 2.2 percent on year to A$12.906 billion.
• The Reserve Bank of Australia said that private sector credit in Australia was up 0.4 percent on month in October, in line with expectations and up from 0.3 percent in September.
On a yearly basis, credit climbed 5.3 percent – again in line with forecasts and down from 5.4 percent in the previous month.
Housing credit was up 0.5 percent on month and 6.5 percent on year, while personal credit was flat on month and down 0.9 percent on year and business credit added 0.3 percent on month and 4.0 percent on year.
Broad money gained 0.6 percent on month and 6.7 percent on year.
by RTT Staff Writer
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