Building approvals fall in May

Australian Bureau of Statistics data shows approvals slipped more than analysts had expected in month.

Building approvals fell more than expected in May, according to the Australian Bureau of Statistics.

ABS data showed the number of buildings approved decreased a seasonally adjusted 1.1% to 13,781 during the month.

That compares to an upwardly revised 13,932 approvals in April, seasonally adjusted.

Bloomberg economists had expected the figures to show a 1% decrease in approvals during the month.

Building approvals are now 3.2% lower, seasonally adjusted, than in the same month last year.