Australia Building Approvals Fall More Than Expected

Australia Building Approvals Fall More Than Expected

Total number of building approvals issued in Australia decreased at a faster-than-expected pace in July, after rising in the previous month, data from the Australian Bureau of Statistics showed Thursday.

The seasonally-adjusted estimate for total dwellings approvals declined 5.2 percent month-over-month in July, reversing a 6.4 percent rise in June.

That was well above the 2.0 percent drop economists had forecast.

Private sector houses approved decreased 3.0 percent over the month. Excluding houses, consents for private sector dwellings dipped 6.6 percent.

On a yearly basis, total building approvals declined a seasonally adjusted 5.6 percent in July.

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