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Financial News: Australia Building Approvals Slump 9.0% In November

Australia Building Approvals Slump 9.0% In November

01/08/2023 - 19:38:00 (RTTNews)

(RTTNews) - The total number of building permits issued in Australia in November was down a seasonally adjusted 9.0 percent on month in November, the Australian Bureau of Statistics said on Monday - coming in at 13,898.

That missed expectations for a decline of 4.0 percent following the 6.0 percent contraction in October.

On a yearly basis, permits tumbled 15/1 percent after sinking 6.4 percent in the previous month.

Permits for private sector houses fell 2.5 percent on month and 13.4 percent on year to 9,142, while permits for private sector dwellings excluding houses tumbled 22.7 percent on month and 21.0 percent on year to 4,423.

The total value of building approved fell 1.5 percent on month in November, following a 0.4 percent fall in October.

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