The total number of building permits issued in Australia advanced a seasonally adjusted 2.8 percent on month in March, the Australian Bureau of Statistics said on Monday – coming in at 19,419.
That topped forecasts for a decline of 1.5 percent following the upwardly revised 1.6 percent contraction in February (originally -3.2 percent).
On a yearly basis, building permits surged 23.6 percent – also topping expectations for an increase of 16.7 percent following the 14.3 percent spike in the previous month.
Individually, permits issued for private sector houses gained 1.1 percent on month and 1.6 percent on year to 9,551. Permits issued for private sector dwellings excluding houses jumped 5.3 percent on month and 59.2 percent on year to 9,710.
The seasonally adjusted estimate of the value of total building approved rose 6.2 percent in March following a fall of 18.1 percent in the previous month.
The value of residential building rose 5.6 percent following a fall of 2.7 percent a month earlier. The value of non-residential building rose 8.0 percent following a fall of 42.9 percent in the previous month.
Also on Monday, the latest survey from TD Securities and the Melbourne Institute showed that consumer prices in Australia are expected to have decelerated in April.
Inflation is forecast to have slowed to 0.3 percent on month after it was called at 0.4 percent in March.
On a yearly basis, consumer prices are tipped to slow to 1.4 percent from 1.5 percent in the previous month.
The data further fuels speculation that the Reserve Bank of Australia may act to cut interest rates in the near term.
The material has been provided by InstaForex Company – www.instaforex.com