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Financial News: Australia Building Approvals Sink 3.2% In May

Australia Building Approvals Sink 3.2% In May

07/02/2018 - 21:45:00 (RTTNews)

(RTTNews) - The total number of building approvals issued in Australia was down a seasonally adjusted 3.2 percent on month in May, the Australian Bureau of Statistics said on Tuesday - coming in at 17,791.

That was shy of expectations for a flat reading following the 5.0 percent decline in April.

On a yearly basis, approvals added 3.1 percent - again missing forecasts for 9.9 percent but still up from 1.9 percent in the previous month.

Permits for private sector houses fell 8.6 percent on month and 1.2 percent on year, while permits for private sector dwellings excluding houses jumped 4.3 percent on month and 9.,1 percent on year.

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