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Australian Building Approvals decreased less than expected

Tuesday, Oct 04 2016

The number of dwellings approved, in trend terms, rose 0.6 per cent in August 2016 and has risen for nine months, according to data released by the Australian Bureau of Statistics (ABS) today. In seasonally adjusted terms building approvals fell by 1.8%. Dwelling approvals, in trend terms, increased in New South Wales (1.9 per cent), Victoria (1.2 per cent) and Queensland (0.3 per cent). They decreased in the Northern Territory (14.9 per cent), South Australia (4.3 per cent), Tasmania (4.1 per cent) and Western Australia (1.2 per cent), and were flat in the Australian Capital Territory.

In trend terms, approvals for private sector houses fell 1.0 per cent in August. Private sector house approvals fell in South Australia (3.0 per cent), New South Wales (1.4 per cent), Western Australia (1.2 per cent), Queensland (1.1 per cent) and Victoria (0.4 per cent). In seasonally adjusted terms, dwelling approvals decreased 1.8 per cent in August, driven by a fall in total other residential dwellings (2.5 per cent). Total house approvals fell 0.9 per cent. The value of total building approved fell 0.1 per cent in August, in trend terms, after rising for eight months. The value of residential building rose 0.7 per cent while non-residential building fell 1.8 per cent.

 

Aussie is currently being traded around 0.7660 level. Pair is likely to find support around 0.7630 area and resistance near 0.77 handle.

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