Investing.com – The number of new building approvals issued in Australia fell significantly more-than-expected in May, official data showed on Monday.
In a report, the Australian Bureau of Statistics said new building approvals issued fell by a seasonally adjusted 7.9% in May, after declining by 0.3% in April, whose figure was revised from a drop of 1.3%.
Analysts had expected new building approvals issued to decline by 0.5% in May.
Year-on-year, the number of building approvals issued in Australia fell at an annualized rate of 14.4% in May, after falling by 12.3% in April. Analysts had expected year-on-year new building approvals to fall at an annualized rate of 5.6%.
Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.31% to trade at 1.0736.
In a report, the Australian Bureau of Statistics said new building approvals issued fell by a seasonally adjusted 7.9% in May, after declining by 0.3% in April, whose figure was revised from a drop of 1.3%.
Analysts had expected new building approvals issued to decline by 0.5% in May.
Year-on-year, the number of building approvals issued in Australia fell at an annualized rate of 14.4% in May, after falling by 12.3% in April. Analysts had expected year-on-year new building approvals to fall at an annualized rate of 5.6%.
Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.31% to trade at 1.0736.