FX.co ★ Australia Building Approvals Surge In May

The total number of building permits issued in Australia was up a seasonally adjusted 20.6 percent on month in May, the Australian Bureau of Statistics said on Monday - coming in at 15,032.

That beat expectations for an increase of 2.0 percent after dropping an upwardly revised 6.8 percent in April (originally -8.1 percent).

On a yearly basis, approvals fell 9.,8 percent.

Approvals for private sector houses rose 0.9 percent on month and fell 15.3 percent on year at 8,135, while approvals for private sector dwellings excluding houses skyrocketed 59.4 percent on month and eased 0.1 percent on year.

The seasonally adjusted estimate for the value of total building approved rose 11.1 percent in May, following a 1.7 percent rise in April. The value of total residential building approvals rose 15.2 percent comprised of a 17.1 percent increase in new residential building, and a 4.3 percent rise in alterations and additions.