Australia's June home-building approvals fall 6.9%

SYDNEY

The number of Australian home building permits fell sharply in June, damping what were encouraging signs that record low interest rates were boosting activity in a previously lackluster sector of the economy

Approvals to build or renovate houses and apartments declined 6.9% from May, the Australian Bureau of Statistics said
In May, approvals fell a revised 4.3% from a previously recorded 1.1% fall
The Reserve Bank of Australia has cut interest rates to record lows since November 2011 in a bid to revive activity in weaker parts of the economy like home building
The latest cut in May took the cash rate to 2.75%
Permits to build houses fell 1.2% from a month earlier, while approvals for apartments, townhouses and other dwellings fell 12.6% from the previous month