Building approvals fall sharply as inflation, interest rates bite
A lack of approvals for large apartment developments has hit the building industry hard, with the total number of dwelling approvals falling a whopping 17 per cent in July.
There was a massive 43.5 per cent fall in private sector dwelling approvals recorded when houses were excluded. (Image source: Shutterstock.com)
Building approvals fell sharply in July, with the latest figures showing they tumbled 17.2 per cent as rising inflation, interest rates and labour shortages took their toll on the industry.
While house approvals actually rose slightly, up 0.7 per cent in July according to the Australian Bureau of Statistics, the large decline was led by a lack of approvals for apartments.
Daniel Rossi, head of construction statistics at the ABS, said the decre…
