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Financial News: Australia Building Approvals Decline Unexpectedly In June

Australia Building Approvals Decline Unexpectedly In June

07/29/2019 - 22:57:00 (RTTNews)

(RTTNews) - Australia's building approvals declined unexpectedly in June, data from the Australian Bureau of Statistics revealed Tuesday.

The number of building approvals fell 1.2 percent month-on-month in June, confounding expectations for an increase of 0.2 percent.

Approvals for private sector houses rose 0.4 percent, while that for private sector dwellings excluding houses decreased 6.5 percent.

On a yearly basis, building approvals plunged 25.6 percent compared to the expected fall of 24.3 percent.

In trend terms, the number of dwellings approvals dropped 1.3 percent on month in June.

Further, data showed that the value of total building approved rose by seasonally adjusted 2 percent in June. The value of residential building fell 3.1 percent, while the value of non-residential building advanced 9.6 percent.

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