Australian dwelling construction implodes

The ABS has released dwelling construction data for the June quarter, which recorded a collapse in dwelling commencements and completions.

According to the ABS, the number of dwelling commencements slumped by a seasonally-adjusted 5.6% over the June quarter and by 8.0% over the year. Detached house commencements fell by 0.8% over the quarter and by 1.7% over the year, whereas unit commencements tanked by 14.1% over the quarter and by 17.3% over the year:

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