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Australia Building Approvals Plummet In January

The total number of building permits issued in Australia in January tumbled by a seasonally adjusted 19.4 percent on month, the Australian Bureau of Statistics said on Tuesday - coming in at 15,926.

That was well shy of expectations for a decline of 3.0 percent following the 12.0 percent drop in December.

Private sector houses fell 12.2 percent on month to 12,124, while private sector dwellings excluding houses plunged 39.5 percent to 3,434.

On a yearly basis, overall permits were up 19.0 percent, while private sector houses surged 38.0 percent and dwellings excluding houses sank 22.7 percent.

The value of total building approved fell 16.8 percent, while the value of non-residential building fell 16.3 percent.

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