03.10.201802:30:00UTC+00Australia Building Approvals Decline Unexpectedly

Total number of building approvals issued in Australia decreased unexpectedly in August, data from the Australian Bureau of Statistics showed Wednesday.

The seasonally-adjusted estimate for total dwellings approvals declined 9.4 percent month-over-month in August, faster than the 5.2 percent fall in July.

Meanwhile, economists had expected a 1.0 percent rise for the month.

Private sector houses approved decreased 1.9 percent over the month. Excluding houses, consents for private sector dwellings plunged 17.2 percent.

On a yearly basis, total building approvals declined a seasonally adjusted 13.6 percent in August.