Economic Buzz: Australia Building Approvals Increase In March

Australia total number of building approvals issued increased at a faster-than-expected pace in March, data from the Australian Bureau of Statistics showed Thursday. The seasonally-adjusted estimate for total dwellings approvals climbed 2.6 percent month-over-month in March, reversing a 4.2 percent decrease in February. Private sector dwellings approved grew 3.4 percent over the month, while public sector dwellings tumbled by 49.7 percent. Approvals for private sector houses went up 1.1 percent and total housing consents climbed by 1.0 percent. On a yearly basis, total building approvals advanced a seasonally adjusted 14.5 percent in March.