Construction Work Done for Q3 is expected to be -1.0% q/q (the prior was -3.8%)
A negative quarter would be the fifth in succession. Residential construction is soft indeed while non-res is not quite so bad.
ANZ comments on what they expect:
- Construction work done has been falling sharply for four quarters. We expect a smaller fall of 0.6% in Q3.
- Residential construction and public engineering construction should continue to detract. But we think the beginning of an upswing in mining will boost private sector engineering construction and higher non-residential building approvals will start to translate through to work done.
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Next week we get Q3 GDP from Australia, this data today is an input to that.
The data today is not likely to move the AUD too much, but a beat will be positive (and vice versa)
