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Financial News: Australia Building Approvals Sink 8.1% In October

Australia Building Approvals Sink 8.1% In October

12/01/2019 - 19:50:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia in October was down a seasonally adjusted 8.1 percent on month in October, the Australian Bureau of Statistics said on Monday - coming in at 13,049.

That missed forecasts for a decline of 1.0 percent following the 7.2 percent gain in September.

On a yearly basis, building approvals plummeted 23.6 percent - again missing expectations for a drop of 18.0 percent after sliding 17.0 percent in the previous month.

Permits issued for private sector houses fell 7.0 percent on month and 19.4 percent on year to 7,883. Permits issued for private sector dwellings excluding houses sank 11.3 percent on month and 30.8 percent on year to 4,935.

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