Australia’s Building Approvals Post Record Drop, Drag on Growth
This article is for subscribers only.
Approvals to build new homes in Australia fell by the most on record in January, with permits for private houses tumbling, suggesting weak residential property investment will continue to drag on the economy.
Total dwelling approvals tumbled 27.6%, the most in records dating back to 1980, Australian Bureau of Statistics data showed Thursday. While the monthly series can be volatile — approvals jumped a revised 15.3% in December — the trend has been weak for a while.