Investing.com – The number of new building approvals issued in Australia fell significantly more-than-expected in January, official data showed on Thursday.
In a report, the Australian Bureau of Statistics said new building approvals issued dropped by a seasonally adjusted 15.9% in January, after rising by 10.0% in December, whose figure was revised up from 8.7%.
Analysts had expected new building approvals issued to decline by 3.1% in January.
The data showed that year-over-year, new building approvals issued in Australia fell more-than-expected, dropping by 24.8% in January, after falling by 5.0% in December. Analysts had expected year-over-year new building approvals to fall at an annualized rate of 6.6% in January.
Following the release of the data, the Australian dollar was slightly higher against its U.S. counterpart, with AUD/USD edging up 0.08% to hit 1.0176.
In a report, the Australian Bureau of Statistics said new building approvals issued dropped by a seasonally adjusted 15.9% in January, after rising by 10.0% in December, whose figure was revised up from 8.7%.
Analysts had expected new building approvals issued to decline by 3.1% in January.
The data showed that year-over-year, new building approvals issued in Australia fell more-than-expected, dropping by 24.8% in January, after falling by 5.0% in December. Analysts had expected year-over-year new building approvals to fall at an annualized rate of 6.6% in January.
Following the release of the data, the Australian dollar was slightly higher against its U.S. counterpart, with AUD/USD edging up 0.08% to hit 1.0176.