(Australian Associated Press)
Construction work done across Australia fell by a less-than-expected 0.4 per cent in the September quarter.
Total building work on homes declined by 3.1 per cent on the previous three months on a seasonally adjusted basis as work on non-residential buildings increased by 4.0 per cent, the Australian Bureau of Statistics said on Wednesday, while engineering work dipped 0.2 per cent.
Market consensus for the main figure, which forms a key part of the country’s GDP number that will be announced on December 4, had been for a fall of 1.0 per cent in the quarter.
The numbers released on Wednesday follow a 2.8 per cent fall in the June quarter.
The value of total construction work for the three months to September was $50.8 billion, with activity up for the quarter in Tasmania and Victoria but falling in other states and territories.
“Overall, this was a much better result than Q2,” ANZ economist Catherine Birch said.
“Construction activity will be less of a drag on GDP growth in Q3.”