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Australia Building Permits Fall 1.8% In October

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The total number of building permits issued in Australia eased a seasonally adjusted 1.8 percent in October compared to the previous month, the Australian Bureau of Statistics said on Monday, standing at 16,491.

The headline figure exceeded expectations for a decline of 5.0 percent following the upwardly revised surge of 16.9 percent in September (originally 14.4 percent).

On a yearly basis, approvals spiked 23.1 percent - also topping forecasts for 17.0 percent following the upwardly revised 22.2 percent jump in the previous month (originally 18.6 percent).

Permits for private sector houses eased 0.3 percent on quarter but gained 9.6 percent on year with 8,234.

Excluding houses, permits for private sector dwellings lost 2.7 percent on quarter but surged 47.7 percent on year to 8,026.

The seasonally adjusted estimate of the value of total building approved rose 9.3 percent in October, and has now risen in four consecutive months.

The value of residential building rose 2.3 percent and has risen in five straight months. The value of non-residential building spiked 21.6 percent following a fall of 8.9 percent in the previous month.

Also on Monday, the ABS said that company operating profits in Australia were up a seasonally adjusted 3.9 percent in the third quarter of 2013 compared to the previous three months.

That topped expectations for an increase of 1.0 percent following the upwardly revised 0.4 percent gain in the second quarter. On year, profits jumped 8.9 percent.

Inventories were down 0.5 percent versus expectations for a flat reading following the upwardly revised 0.4 percent increase in Q2. On year, inventories eased 0.3 percent.

Wages and salaries were up 0.7 percent on quarter and 3.1 percent on year. Manufacturing sales shed 0.3 percent on quarter and 2.0 percent on year, while wholesale sales lost 2.1 percent on quarter and 3.4 percent.

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