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Australia building permits increase more than expected
The Australian Bureau of Statistics (ABS) announced the total number of building permits issued in the country surged 10.3 percent m-o-m in seasonally adjusted terms in June. That exceeded economists' forecast for a 1.5 percent increase, following a 5.4 percent m-o-m decrease in May (revised from a 5.6 percent m-o-m drop).
According to the report, approvals for private sector dwellings excluding houses boosted by 20.0 percent m-o-m in June, while private sector houses approvals grew by 3.4 percent m-o-m. In y-o-y terms, total approvals fell 2.3 percent.
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