Australian May Business Approvals fell by 0.5%

Australian May 19 Business Approvals showed that the number of dwellings approved in Australia fell by 0.5 per cent in May, in trend terms, according to data released by the Australian Bureau of Statistics (ABS) today.

"The overall decrease was driven by a decline in private sector houses, which fell 1.3 per cent in trend terms," said Daniel Rossi, Director of Construction Statistics at the ABS. "This was partially offset by an increase in private dwellings excluding houses, which increased 0.6 per cent."

Among the states and territories, total dwelling approvals fell in the Northern Territory (6.1 per cent), Tasmania (3.9 per cent), Victoria (1.5 per cent), Western Australia (0.7 per cent) and New South Wales (0.7 per cent), in trend terms. Increases were recorded in the Australian Capital Territory (7.2 per cent), South Australia (0.4 per cent) and Queensland (0.4 per cent)."

About the Building Permits

The Building Permits released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.