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Australia’s m/m Building Permits came in at 3.3%, beating the expected reading of 3.0% and putting further distance on the previous month’s -9.4% contraction.

Despite the improved reading, the annualized reading is highlighting the Australian housing market’s struggles, with the y/y Building Permits figure declining by -14.1%, further slipping from the previous reading of -13.6%.

Key highlights (via ABS)

TOTAL DWELLING UNITS
The trend estimate for total dwellings approved fell 1.9% in September.
The seasonally adjusted estimate for total dwellings approved rose 3.3% in September.

PRIVATE SECTOR HOUSES
The trend estimate for private sector houses approved fell 1.5% in September.
The seasonally adjusted estimate for private sector houses fell 2.7% in September.

PRIVATE SECTOR DWELLINGS EXCLUDING HOUSES
The trend estimate for private sector dwellings excluding houses fell 2.7% in September.
The seasonally adjusted estimate for private sector dwellings excluding houses rose 9.2% in September.