Private sector housing approvals rise for sixth consecutive month, ACCC gives Woolworths acquisition of an ACT Supa IGA the green light: Midday Roundup

The total number of private sector house approvals rose 1.5% in trend terms in May, with the total number of dwelling units approves increasing by 1%.

The new building approvals figures from the Australian Bureau of Statistics indicated the Australian Capital Territory had the largest boost, with dwelling approvals rising 4.1% in trend terms.

Tasmania, Western Australia, South Australia, Victoria and New South Wales also had an increase in approvals, but the Northern Territory and Queensland declined by 4.9% and 0.5% respectively.

The trend value of private sector houses increased for the sixth consecutive month in May, while total building approvals have now risen for 16 months straight.

ACCC gives Woolworths acquisition of an ACT Supa IGA the green light

The Australian Competition and Consumer Commission announced this morning it will not oppose the proposed acquisition of the Supa IGA supermarket in Hawker, ACT, by Woolworths.

The ACCC conducted surveys to test whether or not the IGA’s product offering on non-price factors was remarkably different to Woolworths’ products.

“The customer surveys showed that while non-price aspects of the Hawker Supa IGA offer were valued by consumers, only a small proportion of survey respondents said an aspect of the Hawker Supa IGA’s range, service or pricing was the most important reason they shopped there,” ACCC chairman Rod Sims said in a statement.

“Most customers used the Hawker Supa IGA as a limited part of their overall grocery shopping, and despite its product differentiation, the Hawker Supa IGA drew very few customers from outside the suburbs immediately surrounding it,” Sims said.

The ACCC decided the acquisition does not substantially lessen the competition in the area.

Shares rise on Wall Street gains

The local share market has risen higher this morning following a solid lead on Wall Street, but despite mixed leads from Europe.

The benchmark S&P/ASX200 index was up 45.3 points or 1% to 4,789.4 at 12.00 AEST, while in the United States the Dow Jones Industrial Average rose 56 points or 0.4% to 14,988.6.

 

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