The ABS preliminary trend data shows a fall overall of 6.8% compared with a year ago to $46.2 billion. Within that residential construction fell 1%, non-residential construction fell 3.5% and engineering fell 12.4%. The trend for total building work was down 1.1% in the March quarter.
In fact only the public sector non-residential construction held momentum. In other words, it is government spending which is holding the number up, whilst private sector investment is falling.
Within the residential data new houses and other residential both fell.
Once again the lack of business investment is taking its toll. With housing coming off, growth looks more uncertain, and only Government spending on infrastructure can it seems can save the day (but at what cost?)
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