A big miss indeed for this data point from the Australian Bureau of Statistics

Australia Construction Work done for Q4 2018 comes in at -3.1% q/q

  • expected +0.5%, previous was -2.8%

The big decline (and big miss) comes after work declined in Q3 also. Expectations were for a 'bounce back'. But, no.

Some of the, ummmm, 'highlights' (bolding mine) from the ABS release:

  • The trend estimate for total construction work done fell 2.5% this quarter and has fallen for three quarters.
  • The trend estimate for engineering construction work done fell 4.0% this and has fallen for three quarters.
  • The trend estimate for total building work done fell 1.2% this quarter and has fallen for two quarters.
  • The trend estimate for residential building work done fell 1.7% this quarter and has fallen for two quarters.
  • The trend estimate for non-residential building work done fell 0.1% this quarter and has fallen for three quarters.

indications from the construction sector have been showing just this sort of weakness.

Meanwhile, at the RBA:

via GIPHY

Then again, maybe at the RBA this will rattle some of their complacency.