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Financial News: Australia Building Approvals Sink 6.0% In October

Australia Building Approvals Sink 6.0% In October

12/06/2022 - 19:54:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia was down a seasonally adjusted 6.0 percent on month in Australia, the Australian Bureau of Statistics said on Wednesday - coming in at 15,382.

That was in line with expectations following the 8.1 percent decline in September.

On a yearly basis, permits slumped 6.4 percent - again matching forecasts following the 12.9 percent drop in the previous month.

Permits for private sector houses fell 2.2 percent on month and 11.3 percent on year to 9,430, while permits for dwellings excluding houses tumbled 11.3 percent on month but gained 5.5 percent on year to 5,781.

The seasonally adjusted estimate for the value of total building approved fell 0.2 percent in October, following a 7.1 percent decline in September.

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