New home approvals in Australia fall 1.8 percent

(MENAFN) Data released by the Australian Bureau of Statistics (ABS) show that construction of new home approvals in the country fell 1.8 percent in October, Xinhua reported. The ABS said that the total number of dwelling approvals in October dropped to 16,491. However, the figure rose 23.1 percent in the first ten months. A Macquarie Group economist said: "We think they're marginally on the weaker side but you need several more months of substantially weaker data to change the RBA 's mind."