FX.co ★ Australia Building Approvals Sink 6.1% In August

In August, the total number of building permits issued in Australia decreased by a seasonally adjusted 6.1 percent month-on-month, totaling 13,991 consents, according to the Australian Bureau of Statistics. This figure fell short of the projected 4.3 percent decline after an upwardly revised increase of 11.0 percent in July (originally reported as 10.4 percent).

Year over year, building permits saw a growth of 3.6 percent.

Permits for private sector houses experienced a 0.5 percent increase month-on-month and an 8.4 percent rise year-on-year, reaching 9,338 permits. In contrast, permits for private sector dwellings excluding houses plummeted by 16.5 percent month-on-month and dropped 6.1 percent year-on-year.

The total value of approved buildings saw a slight decrease of 0.2 percent, totaling A$13.25 billion, following a 6.9 percent rise in July.