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Australia Building Approvals Rise More Than Expected In July

The number of building approvals in Australia increased at a faster-than-expected rate in July, data from the Australian Bureau of Statistics showed Tuesday.

Total building approvals rose 9.4 percent year-over-year in July, more than the 7.8 percent growth expected by economics.

Private sector houses approvals climbed 14 percent and approvals for private sector dwelling excluding houses rose 6.3 percent.

On a month-over-month basis, building approvals increased 2.5 percent following the 3.8 percent drop in June. This was more than the 1.9 percent consensus estimate.

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