The Australian Bureau of Statistics released its building permits data on Tuesday. Building permits in Australia dropped 7.5% in January, missing expectations for a 2.0% fall, after a 8.6% rise in December. December's figure was revised down from a 9.2% increase.

Building permits for private sector houses slid 6.0% in January, while building permits for private sector dwellings excluding houses plunged 10.8%.

The seasonally adjusted estimate of the value of total building approved was down 1.8% in January.

On a yearly basis, building permits fell 15.5% in January, after a 2.5% decrease in December.