The Wall Street Journal

Fall in Australian building approvals dents hopes of housing supply recovery

Fall in Australian building approvals dents hopes of housing supply recovery
Australia's Labor Government had promised to increase housing supply. (Image: File)
The Wall Street Journal
By James GlynnAustralian building approvals were weaker than expected in November, denting hopes of a big recovery in housing supply to meet surging immigration.The total number of dwellings approved fell 3.6% in November to 14,998, after a 5.2% rise in October, the Australian Bureau of Statistics (ABS) said on Tuesday.Economists had expected approvals to drop 0.9% over the month.Housing supply is a big issue for the Australian economy and ahead of a federal election due by mid-May, with surging immigration helping to keep house prices high eve...

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