Australia Building Approvals Rebound In May

(RTTNews) - Australia building approvals rebounded in May, data from the Australia Bureau of Statistics showed Wednesday.

Total dwellings approved increased 3.2 percent from the previous month, in contrast to the 4.1 percent fall in April. Nonetheless, this was slower than the expected growth of 5.0 percent.

Year-on-year, approvals grew 6.5 percent in May, data showed.

Private sector dwellings excluding houses climbed 11.3 percent to 5,571, while private sector houses had a smaller increase of 0.5 percent.

The value of total residential building grew 3.6 percent, while the value of total non-residential building fell 22.4 percent.