Re­serve Bank con­fi­dent con­struc­tion is on the rise

Port Douglas & Mossman Gazette - - FRONT PAGE -

MIN­UTES from the Re­serve Bank’s March board meet­ing last week show it de­cided to keep of­fi­cial in­ter­est rates on hold at 3 per cent due to a pick up in dwelling con­struc­tion ac­tiv­ity in the De­cem­ber quar­ter. ‘‘For­ward-look­ing indi- cators such as build­ing ap­provals pointed to fur­ther growth in con­struc­tion in the months ahead,’’ the min­utes said. ‘‘Over­all, re­cent hous­ing mar­ket de­vel­op­ments pointed to a fur­ther mod­er­ate in­crease in dwelling con­struc­tion in the pe­riod ahead.’’ With re­gards to house­holds, the min­utes noted ‘‘that house­holds’ net wealth had risen re­cently with the re­cov­ery in as­set mar­kets and con­tin­ued high sav­ing rates and bor­row­ing re­straint.

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