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3 Mar 2015
Australian data: Building permits soar, account deficit shrinks
FXStreet (Bali) - Australia building permits (MoM) came in at 7.9%, above expectations of -1.8% for the month of January, while the current account deficit saw also a number above forecasts, at -9.6B in Q4 vs -11B expected.
Key points - building permits
TOTAL DWELLING UNITS: The trend estimate for total dwellings approved rose 1.3% in January and has risen for eight months. The seasonally adjusted estimate for total dwellings approved rose 7.9% in January following a fall of 2.8% in the previous month.
PRIVATE SECTOR HOUSES: The trend estimate for private sector houses approved was flat in January.
The seasonally adjusted estimate for private sector houses rose 0.4% in January and has risen for two months.
PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES: The trend estimate for private sector dwellings excluding houses rose 2.6% in January and has risen for eight months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 19.6% in January following a fall of 9.4% in the previous month.
VALUE OF BUILDING APPROVED: The trend estimate of the value of total building approved rose 2.5% in January and has risen for seven months. The value of residential building rose 2.9% and has risen for 10 months. The value of non-residential building rose 1.4% and has risen for three months.
The seasonally adjusted estimate of the value of total building approved rose 28.7% in January following a fall of 10.9% in the previous month. The value of residential building rose 11.2% following a fall of 5.1% in the previous month. The value of non-residential building rose 73.5% following a fall of 22.9% in the previous month.
Key points - current account Q4
BALANCE OF PAYMENTS: The current account deficit, seasonally adjusted, fell $2,542m (21%) to $9,588m in the December quarter 2014. The deficit on the balance of goods and services fell $1,469m (38%) to $2,430m in the December quarter 2014. The primary income deficit fell $1,067m (14%) to $6,621m.
In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,814m (54%) from $5,177m in the September quarter 2014 to $7,991m in the December quarter 2014. This is expected to contribute 0.7 percentage points to growth in the December quarter 2014 volume measure of GDP.
INTERNATIONAL INVESTMENT POSITION (IIP): Australia's net IIP liability position was $866.1b at 31 December 2014, a decrease of $7.8b (1%) on the 30 September 2014 position of $873.9b. Australia's net foreign debt liability increased $38.0b (4%) to a net liability position of $924.8b. Australia's net foreign equity increased $45.8b (356%) to a net asset position of $58.7b at 31 December 2014.
Key points - building permits
TOTAL DWELLING UNITS: The trend estimate for total dwellings approved rose 1.3% in January and has risen for eight months. The seasonally adjusted estimate for total dwellings approved rose 7.9% in January following a fall of 2.8% in the previous month.
PRIVATE SECTOR HOUSES: The trend estimate for private sector houses approved was flat in January.
The seasonally adjusted estimate for private sector houses rose 0.4% in January and has risen for two months.
PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES: The trend estimate for private sector dwellings excluding houses rose 2.6% in January and has risen for eight months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 19.6% in January following a fall of 9.4% in the previous month.
VALUE OF BUILDING APPROVED: The trend estimate of the value of total building approved rose 2.5% in January and has risen for seven months. The value of residential building rose 2.9% and has risen for 10 months. The value of non-residential building rose 1.4% and has risen for three months.
The seasonally adjusted estimate of the value of total building approved rose 28.7% in January following a fall of 10.9% in the previous month. The value of residential building rose 11.2% following a fall of 5.1% in the previous month. The value of non-residential building rose 73.5% following a fall of 22.9% in the previous month.
Key points - current account Q4
BALANCE OF PAYMENTS: The current account deficit, seasonally adjusted, fell $2,542m (21%) to $9,588m in the December quarter 2014. The deficit on the balance of goods and services fell $1,469m (38%) to $2,430m in the December quarter 2014. The primary income deficit fell $1,067m (14%) to $6,621m.
In seasonally adjusted chain volume terms, the surplus on goods and services rose $2,814m (54%) from $5,177m in the September quarter 2014 to $7,991m in the December quarter 2014. This is expected to contribute 0.7 percentage points to growth in the December quarter 2014 volume measure of GDP.
INTERNATIONAL INVESTMENT POSITION (IIP): Australia's net IIP liability position was $866.1b at 31 December 2014, a decrease of $7.8b (1%) on the 30 September 2014 position of $873.9b. Australia's net foreign debt liability increased $38.0b (4%) to a net liability position of $924.8b. Australia's net foreign equity increased $45.8b (356%) to a net asset position of $58.7b at 31 December 2014.