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Australia reports 4.4% drop in Dec dwelling approvals  Join our daily free Newsletter

MENAFN - 04/02/2013

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(MENAFN) The Australian Bureau of Statistics (ABS) stated that building approvals in December declined by 4.4 percent, compared with a gain of 3.4 percent in November, reported Xinhua News.

The decline may prompt the Reserve Bank of Australia to lower rates in the coming few months to boost the construction sector, according to economists.

The ABS said that in the month, a total of 12,767 dwelling units gained approvals, on a seasonally adjusted basis.

Meanwhile, building dwelling approvals, on annual basis, grew 9.3 percent.

It is worth noting that several regions recorded a drop in dwelling approvals in December, including Tasmania, Victoria and New South Wales, however, Queensland, South Australia and Western Australia posted gains, in seasonally adjusted terms.

 






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