Retail up, building approvals decline

It has been a mixed bag for Tasmania's economy this week, with official figures showing another increase in retail spending in October, while building approvals continued to decline.

Tasmania's retail trade increased 0.8 per cent in trend terms in October, according to the Australian Bureau of Statistics.

It is the fifth straight monthly increase in retail spending in the state and mirrored a national increase of 0.4 per cent rise in October.

Tasmania's building industry, however, took another hit, registering its fourth-straight monthly decline with a fall of 1.6 per cent in October in trend terms, the ABS said.

Nationally, building approvals rose 1.9 per cent in trend terms in October.

Dwelling approvals increased in trend terms in October in the Northern Territory (13.6 per cent), Queensland (4.1 per cent), Victoria (2.2 per cent), New South Wales (1.3 per cent), Western Australia (0.8 per cent) and South Australia (0.4 per cent). Dwelling approvals fell in the Australian Capital Territory (4.8 per cent) and Tasmania.

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