Increase in local building approvals

Submitted 6/06/2011

Migration for Business Growth

 

Figures released by the Australian Bureau of Statistics indicate South Australia's total building approvals and private housing approvals increased in April.

Total building approval figures for South Australia increased by a seasonally adjusted 9.9 per cent in April and nationally the figures decreased 1.3 per cent from the previous month.

Approvals for private housing in South Australia increased 0.9 per cent from the previous month, while national figures decreased 3.3 per cent.

Business SA Chief Executive Officer, Peter Vaughan, said that the increase in local building approval data provided some good news for business.

"South Australia went against the national trend with an increase in building approvals in April," Mr Vaughan said.

"While the increase is positive news, our local building approval data continues to be very volatile and this month's increase follows a significant decrease in the previous month.

"The fall in national building approvals confirms the low levels of business and consumer confidence throughout the country.

"National private sector housing approvals are at their lowest level in two years and are more than 20 per cent below the level at the beginning of 2010.

"This latest data and yesterday's business indicator figures confirm that the Reserve Bank must leave interest rates on hold allow for a more widespread improvement in the economy."