The Australian Bureau of Statistics released its building permits data on Wednesday. Building permits in Australia dropped 6.9% in August, missing expectations for a 2.0% gain, after a 7.9% rise in July. July's figure was revised up from a 4.2% increase.

On a yearly basis, building permits climbed 5.1% in August, after a revised 17.9% increase in July.

Building permits for private sector houses jumped 4.9% in August, while building permits for private sector dwellings excluding houses slid 11.4%.

The seasonally adjusted estimate of the value of total building approved was down 5.6% in August, after a 9.2% increase in the previous month.