Australia’s building approvals rise 3.3% in September

Official building approval figures for September rose 3.3%, less than the 3.8% expectation.

Source: Bloomberg

The Australian Bureau of Statistics released official data on Tuesday that shows figures for September building approvals have risen 3.3%, coming in slightly lower than expected.

Approvals for private sector houses were down 2.7 % in the month, while apartment blocks and townhouses, jumped 9.2 %. According to the ABS, building approvals were down 14.1 % over the year.

According to the ABS, the trend estimate of the value of total building approved fell 1.3% in September and residential buildings fell 1.7% for nine months. The value of non-residential building fell 0.7% and has fallen for 14 months.

The seasonally adjusted estimate of the value of total building approved fell 6.0% in September. The value of residential building fell 7.1%, while the value of non-residential building fell 3.8%.

Despite the weak data, the Australian dollar against the US dollar has remained unaffected, trading at seasonal highs on Tuesday.

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