The ACT economy may be entering a gloomy pre-Christmas period, with building approvals slowing in contrast to national trends, and public service numbers being pared.
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However, the ACT government is talking up the territory's economy, pointing to building activity and land releases over the past year.
The Australian Bureau of Statistics reported on Thursday the seasonally adjusted estimate for total dwellings approved rose 14.4 per cent in Australia in September following a fall of 1.6 per cent the previous month.
Nationally, new building approvals soared to their highest level in 3½ years, as low interest rates appeared to be gaining traction in the housing market.
There is growing expectation the Reserve Bank will not change the official cash rate at its meeting next week, on Melbourne Cup day.
The bureau gives trend results for the small ACT market, saying in trend terms the number of dwelling units approved in the ACT fell 4.2 per cent from August to September, following a 3.2 per cent fall from July to August.
But the approvals had risen steadily from October last year, before the recent slide.
While the number of houses approved doubled in the August-September period, the number of apartments was almost halved.
The Housing Industry Association welcomed the 16,318 residential building approvals across Australia during the month.
''We have not seen a figure higher than this since March 2010,'' senior economist Shane Garrett said. ''The main message from today's figures is that the RBA's interest rate cuts over the past two years are helping to support activity on the ground.''
ACT Chamber of Commerce chief executive Andrew Blyth recently urged Tony Abbott to cut public service jobs quickly to get the pain over with, saying the Canberra business community could not afford another three years of insecurity.
He said on Thursday the chamber had received anecdotal evidence about a fall in people requesting building materials, either as builders or home renovators.
''Certain thing are selling well, for minor repairs, but not for major works,'' he said.
"The view is there is the potential for this [slowdown] to continue over the Christmas period.
"I guess people are just not willing to spend, reflecting the uncertainty of the ACT economy.
"This really confirms what we found through our member survey during the election, that a majority of respondents believed the ACT economy will be weaker over the next 12 to 18 months.
''Those businesses foreshadowed a drop in sales, a lowering of employment levels and a decrease in profitability.''
ACT Treasurer Andrew Barr said year-on-year to September 2013, residential building approvals in Canberra increased by 17.9 per cent, in original terms.
''The annual growth is positive for the third time since December 2011,'' he said.
''Although the trend number of residential building approvals in the ACT decreased by 4.2 per cent in September, the current level in trend terms in September 2013 is significantly higher than its five-year monthly average level, and its level a year ago.
''The monthly building approvals data are volatile and as such it is better to focus on the annual numbers.''
Mr Barr said the construction sector generated almost 25,000 jobs across the ACT and was its third-largest employer. He said the ACT government was supporting the residential sector, with land releases.
''In addition to ongoing infill opportunities and in Gungahlin and Molonglo Valley, in the past six months I've unveiled the Riverview development in West Belconnen, Lawson in central Belconnen, Campbell section 5; and Southquay next to Lake Tuggeranong.''
''Further, the home buyer concession scheme and first home owner grant have been expanded and targeted at new or substantially renovated homes only in order to stimulate the home building.''