Australian building approvals fell 1.1% in May, marking a third straight monthly decline, as approvals for new apartments and townhouses sank 10.4% to 6034, according to fresh Australian Bureau of Statistics data. Total housing approvals rose 2.8% month on month, but the country is tracking about 204,000 new homes in the year to May 31, below the government’s annual target of 240,000. The latest figures also provide an early read on the market’s response to the Albanese government’s budget housing tax changes. State results diverged, with steep falls in Queensland, Victoria and Western Australia offset by a fourth consecutive monthly rise in New South Wales.

Australian Prime Minister Anthony Albanese described an alleged bank data breach as a “serious issue”, linked to claims that a former EY employee illegally accessed a politician’s banking information. Assistant Treasurer Dan Mulino released a consultation paper proposing tougher oversight of accounting, auditing and consulting firms, with a focus on conflicts of interest, partnership limits and audit surveillance. EY declined to comment. Two suspects have been charged and the case has been adjourned to August 25.