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interest rate cuts spur building approvals surge

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house_frameSome 17,514 dwellings were approved in January across New South Wales, the single biggest jump since 2002 and one of the strongest on record dating back to mid-1983.  More than two years of interest rate cuts are increasingly showing signs of gaining traction across the economy.  Approvals for new dwellings jumped 6.8 per cent from December to be almost 35 per cent higher than a year ago, according to the Australian Bureau of Statistics.

Recent reports have shown demand for labour is set to strengthen in coming months, median house prices have risen (great news if you are thinking of selling) and commodity prices are up.

Rising approvals is one of the clearest signs to date that the Reserve Bank’s monetary policy is is starting to work. The bank slashed the cash rate by more than 2 percentage points from late 2011 to help spur non-mining sectors of the economy.

Separate ABS figures showed the current account deficit narrowed in the fourth quarter to $10.1 billion from $12.5 billion, as exports of goods and services surged.