Australia Q3 Construction work - responses coming in

The headline was a beat, but as noted before, during and after, all is not what it seems!

• Before: Australia construction data for Q3 due at the bottom of the hour - previews
• During: Australia Q3 Construction work done: +15.7% q/q (vs. expected -2.3%)
• After: AUD/USD dribbling lower after construction data pop 'n' drop

This via Westpac for more:

• We will be looking through this headline figure
• Currently, the CWD survey is not a reliable partial indicator for the national accounts
• The CWD survey is allocating the full value of imported LNG platforms when there is a change of ownership / when the structure is imported. However, the national accounts is including the value of construction work on projects progressively, as actual work occurs - this is for both investment and for imports.
• By way of comparison, in Q2 the CWD survey reported private infrastructure up 32%, the national accounts estimate was a -1.9%.