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The ABS has released data on the value of construction work done for the June quarter of 2020, which registered another 0.7% seasonally-adjusted decline in total construction activity over the quarter – the eighth consecutive quarterly decline – and a 2.2% decrease over the year:
However, the result smashed analysts’ expectations of a 7.0% decline in construction activity over the quarter.
The 0.7% quarterly decline in construction activity was driven by residential construction (-5.5%), whereas non residential construction fell by 1.5%. However, these falls were partly offset by engineering construction, which rose by 3.8%:
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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.
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