Fed: Building approvals rise 4.5pc in December: ABS = 2

AAP General News (Australia)
02-01-2001
Fed: Building approvals rise 4.5pc in December: ABS = 2

Economists had expected an overall rise in building approvals of about 2.0 per cent
after a 2.8 per cent increase in November.

But the larger than expected increase won't dampen expectations of an interest rate
cut when the Reserve Bank meets next week for the first time this year.

The US Federal Reserve this morning cut rates by half a percentage point.





The ABS says building approvals rose 22.2 per cent in Victoria.

All other states except Western Australia fell with Tasmania recording the biggest
drop of 53.3 per cent.

The value of approved residential building work rose 13.9 per cent to $1.78 billion
and of all building work 19.8 per cent to $2.91 billion.

That's the highest level since May last year.

AAP RTV kmh/kjp/nf/jn

KEYWORD: BUILDING 2 CANBERRA (REOPENS)

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