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Australia Building Approvals Surge 11.7% In November

The total number of building approvals issued in Australia was up a seasonally adjusted 11.7 percent on month in December, the Australian Bureau of Statistics said on Tuesday - coming in at 21,055.

That beat forecasts for a decline of 1.3 percent following the downwardly revised 0.1 percent contraction in October.

On a yearly basis, approvals surged 17.1 percent - again beating expectations for a gain of 4.6 percent following the downwardly revised 17.5 percent spike in the previous month (originally 18.4 percent).

Approvals for private sector houses fell 2.0 percent in November, while approvals for dwellings excluding houses skyrocketed 30.6 percent.

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