Australian home building consents drop for second month

Total dwelling permits fell a seasonally adjusted 0.7% in June, following a revised 7.2% tumble in May, the Australian Bureau of Statistics said. A total 12,237 permits were approved last month.

The Reserve Bank of Australia last month kept its benchmark rate unchanged at a 12-year high 7.25% this month and Governor Glenn Stevens said more-expensive credit was likely to result in "a period of significantly slower growth in demand in Australia."

New Zealand's exports to Australia rose 27% in the 12 months ended June 30 to NZ$9.2 billion, accounting for about 23% of the nation's total shipments.

By Jonathan Underhill

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