An impressive rise in building approvals in May should be taken with a grain of salt, economists say.
The increase in approvals, however, has provided fuel for the central bank’s decision yesterday to keep the cash rate on hold.
Australian residential building approvals rose 27.3 per cent to 13,591 in May, seasonally adjusted, data released yesterday showed.
Australian Bureau of Statistics figures reveal a 58.7 per cent jump in “private sector dwellings excluding houses”, which includes multi-storey units and townhouses, was the major reason for the rise.
Source: news.com.au