Australia Building Approvals for May -16.4% m/m (expected -7.8%)
There are lags between lodging an application and having it approved, which may partially explain why the April figure was (relatively) steady at
-1.8% -2.1% revised
Much lower in May, big drop of -16.4%. Approvals lowest since Jan. 2013.
- for the y/y, down -11.6% (April was +6.1%)
- Apartments -34.9% m/m and -30.6% y/y
- Private homes -4.4% m/m, -0.4% y/y