Economic Buzz: Australia Building Approvals Slump 6% In October

7 Dec 2022 , 11:38 AM

The total number of building permits issued in Australia was down a seasonally adjusted 6.0 percent on month in Australia, the Australian Bureau of Statistics reported – coming in at 15,382. On a yearly basis, permits slumped 6.4 percent – again matching forecasts following the 12.9 percent drop in the previous month. Permits for private sector houses fell 2.2 percent on month and 11.3 percent on year to 9,430, while permits for dwellings excluding houses tumbled 11.3 percent on month but gained 5.5 percent on year to 5,781. The seasonally adjusted estimate for the value of total building approved fell 0.2 percent in October, following a 7.1 percent decline in September.Powered by Commodity Insights