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The ABS has released data on the value of construction work done for the December quarter of 2015, which registered a seasonally-adjusted 3.6% slump in total construction activity over the quarter and a 4.3% decline over the year.
The result missed analysts expectations of a 2.0% fall in construction activity over the quarter. Westpac believes the result will subtract around 0.4% off Q4 GDP, a bigger hit than anticipated (circa -0.25%).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.