Rate rise given more fuel_英文原版

the case for another interest rate rise grew today as australia's appetite for housing showed no bounds with building approvals rising 6 per cent in september despite two previous hikes this year.

the australian bureau of statistics (abs) said building approvals rose a seasonally adjusted 6.1 per cent in september to 13,286 and up nine per cent over the year.

most demand came from the unit and apartment market, where building approvals for private sector other dwellings rose 11.2 per cent for the month and 1.3 per cent for the year.
it follows a 36.8 per cent fall in the previous month.

building approvals for private sector houses rose four per cent in september and 12.4 per cent for the year.

with strong inflation and other signs of an overinflated economy, the reserve bank of australia is expected to decide to raise rates at its meeting next week, on the same day as the melbourne cup.

the abs said the value of total buildings approved rose 7.2 per cent to $5.3 billion, while the value of new residential buildings approved rose 9.4 per cent to $2.9 billion.

the value of alterations and additions rose 5.4 per cent to $481.4 million, while the value of non-residential building rose 4.3 per cent to $1.9 billion.

aap economist garry shilson-josling said the emerging upward trend in approvals would reinforce the view that the economy had significant underlying momentum and, most likely, confirm the likelihood of an interest rate rise next week.

after a series of choppy moves, the latest being an unexpectedly strong 6.1 per cent rise in the month of september after a 12.4 per cent fall in august, the overall number of approvals is rising at an annualised trend rate of 6.1 per cent, he wrote today.

"that will give the reserve bank of australia board members, who meet next tuesday, confidence that another interest rate rise might not do unwanted damage to economic growth. "