Australia January Building Approvals Advance 2.5%

The total number of building approvals consented in Australia climbed a seasonally adjusted 2.5 percent on month in January, the Australian Bureau of Statistics said on Monday - standing at 14,395.

That exceeded expectations for a gain of 1.5 percent following the 8.4 percent slide in December.

On a yearly basis, approvals plummeted 28.6 percent - which actually beat forecasts for a fall of 28.9 percent following the 22.5 percent drop in the previous month.

The number of consents issued for private sector houses was up 2.1 percent on month and down 6.6 percent on year at 9,423. The number of private sector dwellings excluding houses was up 2.7 percent on month and down 51.0 percent on year at 4,800.

The seasonally adjusted estimate of the value of total building approved rose 1.3 percent in January. The value of residential building fell 2.0 percent, while the value of non-residential building rose 6.4 percent.

Also on Monday, the ABS said that company operating profits in Australia were up a seasonally adjusted 0.8 percent on quarter in the fourth quarter of 2018.

That was well shy of expectations for a gain of 3.0 percent following the 1.9 percent increase in the three months prior. They were up 10.5 percent on year. Inventories fell 0.2 percent on quarter, missing forecasts for a gain of 0.3 percent following the 0.1 percent drop in Q3. They were up 1.0 percent on year. Wages and salaries were up 0.8 percent on quarter and 4.1 percent on year.

News are provided by InstaForex