Australian Building Approvals Plunged Amid High Costs and Interest Rates

Labourers work on a house under construction in western Sydney, Australia, on Aug. 2, 2022. Saeed Khan/AFP via Getty Images

The Australian housing industry saw a sharp fall in the number of buildings approved in July amid soaring building costs and interest rate hikes.

According to the Australian Bureau of Statistics (ABS), total building approvals across the country tumbled by 17.2 percent in July compared to a modest 0.6 percent drop in June.