Australian home loans rise 1.1% in November 2013

The number of Australia's home loan approvals rose by 1.1 percent in November, compared to the previous month, figures released on Monday by the Australian Bureau of Statistics (ABS) showed. The total number of owner-occupied home loans rose to 52,912 in November, the ABS reported. The result is consistent with economists' expectation of a 1.1 percent rise in the month. The total value of housing finance commitments rose 1.7 percent in November, seasonally adjusted, to 26.93 billion AU dollars (24. 32 billion U.S. dollars), according to the ABS. Economists say the figure means another interest rate cut is unlikely in 2014 as housing sector strengthens in the country.