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Australia Building Approvals +16.0% In June

The total number of building approvals issued in Australia climbed a seasonally adjusted 16.0 percent on year in June, the Australian Bureau of Statistics said on Thursday - standing at 15,659.

That was shy of forecasts for an increase of 23.3 percent following the upwardly revised 15.2 jump in May (originally 14.3 percent).

On a monthly basis, building approvals tumbled 5.0 percent - also missing expectations for a flat reading following the upwardly revised 10.3 percent gain in the previous month (originally 9.9 percent).

The seasonally adjusted estimate of the value of total building approved rose 3.7 percent in June and has risen for two months.

The value of residential building fell 3.7 percent following a rise of 14.7 percent. The value of non-residential building rose 17.9 percent and has risen for two months.

by RTT Staff Writer

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