A notable leap was seen by Australia in building approvals last month. The economists predict that this indicates that economy might be starting to recover after a year- long downturn.

The Australian Bureau of Statistics specified that a rise by 9.3 percent to 11,086 units was seen in building approvals in June, from 10,144 units in May, which was better than the median market forecast for a gain of eight percent.

Furthermore, the unstable apartment building sector also witnessed approvals surging by 27.7 percent; while those for detached housing increased by 4.9 percent.

Kinetic Securities chief economist Clifford Bennett said: "This data confirms our view that the Australian economy is already in full flight recovery mode, and a new strong growth period overall."

He added: "The data also encourages our view that unemployment will peak at or even below 6.1 percent."