AUSTRALIA BUILDING PERMITS SINK 7.1% IN MAY

The total number of building permits issued in Australia was down a seasonally adjusted 7.1 percent on month in May, the Australian Bureau of Statistics said on Monday - coming in at 20,163.

That matched expectations following the 5.7 percent decline in April.

On a yearly basis, building permits surged 52.7 percent.

Permits for private sector houses sank 10.3 percent on month but climbed 55.2 percent on year to 13,571. Permits for private sector dwellings excluding houses rose 1.2 percent on month and 53.6 percent on year to 6,374.

The value of total building rose 4.5 percent on month, while the value of total residential building fell 6.7 percent and the value of non-residential building rose 28.5 percent

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