Australian building approvals were down a seasonally adjusted 2.9% in December, below market estimates of a decline of just 0.8%.
It’s another piece of disappointing data on the domestic Australian economy which continues to show improvements in the non-mining sector are patchy at best.
Reflecting the increased activity in construction, year-on-year growth in approvals was 21.8%. The market estimate was 23.4%.
The full release from the ABS is here. The Australian dollar was down slightly on the news, falling to just below the US85c after the data release.