The total number of building permits issued in Australia declined a seasonally adjusted 6.9 percent in August, the Australian Bureau of Statistics said on Wednesday – standing at 18,701.
That missed forecasts for a decline of 2.0 percent following the upwardly revised 7.9 percent increase in July (originally 4.2 percent).
On a yearly basis, approvals gained 5.1 percent – also shy of expectations for 7.4 percent following the upwardly revised 17.9 percent surge in the previous month (originally 13.4 percent).
Approvals for private sector houses gained 4.9 percent on month and 3.0 percent on year to 9,765.
Approvals for private sector dwellings excluding houses tumbled 11.4 percent on month but gained 8.6 percent on year to 8,760.
The seasonally adjusted estimate of the value of total building approved fell 5.6 percent in August following a rise of 9.2 percent in the previous month.
The value of residential building fell 3.5 percent following the 8.1 percent jump in the previous month. The value of non-residential building fell 10.1 percent following the 11.7 percent spike in July.
Also on Wednesday, the Reserve Bank of Australia said that the total value of private sector credit was up 0.6 percent on month in August, above expectations for a gain of 0.5 percent and unchanged from the previous month.
On a yearly basis, credit climbed 6.3 percent – beating forecasts for 6.2 percent and up from 6.1 percent in July.
Housing credit was up 0.6 percent on month and 7.5 percent on year, while personal credit added 0.1 percent on month and 0.7 percent on year and business credit gained 0.5 percent on month and 5.3 percent on year.
The M3 money stock was up 0.2 percent on month and 6.4 percent on year, while broad money added 0.1 percent on month and 6.5 percent on year.
The material has been provided by InstaForex Company – www.instaforex.com