Australia Building Approvals for May -7.1% m/m (expected -5.0%)

Australia Building Approvals for May -7.1% m/m

• expected -5.0% m/m, prior -8.9%

+52.7% y/y ... base effects are massive for this indicator.

• prior +39.2%

Despite the m/m drop the pipeline for construction work is jam-packed.