The volume of construction work done fell by a disappointing 1.0% over QIV. This fall followed an upwardly revised lift of3.0% in QIII (previously 2.7%. The result came in below market expectations which centred on a small rise. The maindisappointment is that the desired lift in non-mining construction is yet to appear. But equally the expected downturn inmining construction is yet to really get underway. Today’s soft result will detract from QIV GDP growth (published 5March).
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Commonwealth Bank