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Australia Building Approvals Decelerate Further in May

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The number of dwelling approvals in Australia declined 1.1% in May from the previous month to 17,019 after edging 0.2% lower in April, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS) on Wednesday.

The decline was driven by a more than 10% fall in private dwellings excluding houses, following a 4% increase in April, the ABS said.

Private sector houses rose 2.8% to 10,537, hitting the highest level since September 2021 and marking the fourth straight month with over 10,000 private sector houses approved.

The value of total residential building fell 5.7% to AU$10.24 billion, while the value of total non-residential building jumped 41% to AU$10.83 billion.

A breakdown by state showed May dwelling approvals in Queensland falling 8.8%, Victoria down 3%, and Western Australia declining 1.3%. Approvals in South Australia rose nearly 11%, Tasmania up 4.8%, and New South Wales posting a 2.2% increase.

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