The Australian Bureau of Statistics (ABS) has just released data on quarterly construction materials volumes, which showed a turnaround in the production of clay bricks and roof tiles – materials typically used in housing construction. However, there was ongoing weakness in the production of concrete blocks and plaster board, whereas production of cement and pre-mixed concrete – items more associated with infrastrure and mining investment – was also mixed.
The Data is not seasonally-adjusted and highly volatile. Hence it is presented below on a four quarter moving average (4QMA) basis in order to smooth volatility and seasonality. In particular, note the inflection of the orange and red lines:
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