ABS released data on the value of construction work done during the March quarter of 2020 that registered another 1% seasonally adjusted drop in the total construction activity over the quarter as compared to December quarter. Total construction activity fell by 6.5% over the year due to the worsening impact of bushfires and coronavirus.
The 1% fall in the construction work was slightly better than market expectations at 1.5% drop.
Westpac weekly update expected construction at -1.4% for Q1 2020. The Group stated Private non–residential construction and Private new home building work are likely to fall due to dull infrastructure initiations in the non–mining sector and decline in approvals. However, it expects public works to provide some support as government adds new projects to pipeline.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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