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Financial News: Australia Building Approvals Decline More Than Expected

Australia Building Approvals Decline More Than Expected

05/30/2018 - 00:20:00 (RTTNews)

(RTTNews) - Total number of building approvals issued in Australia decreased at a faster-than-expected pace in April, data from the Australian Bureau of Statistics showed Wednesday.

The seasonally-adjusted estimate for total dwellings approvals fell 5.0 percent month-over-month in March, reversing a 3.5 percent rise in February.

Economists had expected a 3.0 percent drop for the month.

Private sector dwellings approved declined 5.3 percent over the month, while public sector dwellings surged by 34.8 percent.

Approvals for private sector houses went up 0.1 percent and total housing consents climbed by 0.7 percent.

On a yearly basis, total building approvals advanced a seasonally adjusted 1.9 percent in April.

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