2019.05.3000:26:00UTC+00Australia Building Approvals Decline Unexpectedly

Australia's building approvals decreased unexpectedly in April, figures from the Australian Bureau of Statistics showed on Thursday.

Dwelling approvals declined by seasonally adjusted 4.7 percent sequentially in April. Meanwhile, economists expected approvals to remain flat for the month.

Approvals for private sector dwellings excluding houses fell 6.2 percent over the month. At the same time, approvals for private sector houses dropped 2.6 percent.

On a yearly basis, total building approvals plunged a seasonally adjusted 24.2 percent in April. Economists had forecast a sharp 22.4 percent fall.