Australia's building approvals data for May show that new home building approvals fell for a third month in a row. New home building approvals declined by 1.1% over the month, driven by a 7.3% drop in apartment approvals. The federal government's ambitious target for housing supply is being increasingly frustrated. "We're moving even further away from our homebuilding targets," says Master Builders Australia Chief Economist Shane Garrett. (james.glynn@wsj.com; X @JamesGlynnWSJ)
Dow Jones Newswires
Australia Falling Short of Ambitious Housing Supply Targets — Market Talk
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Australia's building approvals data for May show that new home building approvals fell for a third month in a row. New home building approvals declined by 1.1% over the month, driven by a 7.3% drop in apartment approvals. The federal government's ambitious target for housing supply is being increas…