Some of the comments from Westpac on the Australian construction data.
Data is here:
WPAC:
- fall in work was sharper than anticipated
- a material negative for Q2 GDP … potentially in the order of 0.4ppts
- housing downturn still has further to go
- public works, there is a sizeable work pipeline and governments are adding projects to the investment pipeline
- private infrastructure, commencements have picked-up somewhat … work pipeline has increased
----
The GDP for Q2 will be published next week, on the 4th (the day after the RBA policy announcement for Sept).
AUD is doing not much at all, tiny range today:
