Australian construction spending slid to its lowest in almost three years last q...
SYDNEY - Australian construction spending slid to its lowest in almost three years last quarter as a deepening downturn in home building spread to other sectors and posed a downside risk to growth across the economy.
Wednesday’s figures from the Australian Bureau of Statistics showed inflation-adjusted construction spending fell 3.8% in the June quarter, from the previous quarter, to stand at A$48.8 billion . That was the lowest amount since late 2016 and off 11.1% from a year earlier. “The housing downturn still has further to go and will weigh on conditions throughout 2019 and into 2020.”
The Reserve Bank of Australia has already reacted by cutting interest rates to a record low of 1%, and markets are wagering it will have to go all the way to 0.5%. “Housing moves a lot faster than infrastructure does,” was how chief executive Mike Kane explained the downturn. Data from property consultant CoreLogic out on Monday showed home prices across the capital cities had risen 0.7% in August so far, the largest rise since 2017.
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