Australia Building Approvals Tumble In June

The total number of building approvals issued in Australia in June was down a seasonally adjusted 8.2 percent on month in June, the Australian Bureau of Statistics said on Thursday – coming in at 17,868.

That was well shy of forecasts for a decline of 1.0 percent following the downwardly revised 2.3 percent increase in May (originally 2.4 percent).

On a yearly basis, approvals gained just 8.6 percent – also well beneath expectations for a spike of 19.5 percent following the 17.6 percent jump in the previous month.

The seasonally adjusted estimate of the value of total building approved fell 5.3 percent in June following a rise of 2.0 percent in the previous month.

The material has been provided by InstaForex Company –