2018.07.3100:27:00UTC+00Australia Building Approvals Rise More Than Expected

Total number of building approvals issued in Australia increased at a faster-than-expected pace in June, after falling in the previous two months, data from the Australian Bureau of Statistics showed Tuesday.

The seasonally-adjusted estimate for total dwellings approvals rose notably by 6.4 percent month-over-month in June, reversing a 2.5 percent fall in May.

That was well above the 1.0 percent increase economists had forecast.

Private sector dwellings approved grew 6.0 percent over the month, while public sector dwellings jumped by 57.2 percent.

Approvals for private sector houses climbed 5.0 percent and total housing consents went up by 4.4 percent.

On a yearly basis, total building approvals advanced a seasonally adjusted 1.6 percent in June.

Data from the Reserve Bank of Australia revealed that private sector credit rose 0.3 percent monthly in June, following a 0.2 percent gain in May. That was in line with expectations.

Growth in private sector credit eased to 4.5 percent in June from 5.4 percent in the corresponding month last year.