The Australian Bureau of Statistics (ABS) announced Tuesday the total number of building permits issued in the country fell 8.6 percent m-o-m in seasonally adjusted terms in July, following a revised 5.5 percent m-o-m decline in June (originally a 6.7 percent m-o-m drop). That marked the fourth straight monthly decrease in building permits and was the sharpest one since January.

Economists had forecast a 5.0 percent m-o-m fall.

According to the report, approvals for private sector dwellings excluding houses plunged 12.3 percent m-o-m in July, while private sector houses approvals went down 5.8 percent m-o-m.

In y-o-y terms, total approvals surged 21.5 percent.