Economic Buzz: Australia dwelling approvals fall 1.1% in May

Australia's seasonally adjusted dwelling approvals fell 1.1% month-on-month to a four-month low of 17,019 units in May, extending April's 0.2% decline. The weakness was driven by a sharp drop in approvals for private sector dwellings excluding houses, while approvals for private sector houses rebounded. On an annual basis, dwelling approvals remained 5.3% higher than a year earlier, although the pace of growth moderated from April's 10.9% increase.

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