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1.Market Observations, 2.Economic forecasts, 8.Was Sticky

29 Aug 2019 (AFR) – Home building shrinks, economists cut GDP forecasts

(29 August 2019, AFR, p3, Michael Bleby, Senior Reporter)

‘Australia’s economic outlook has deteriorated further, with official figures showing home-building contracted at its fastest pace in almost 19 years in the June quarter and engineering construction work continued to shrink as infrastructure spending failed to offset weaker housing. Economists at JP Morgan on Wednesday cut their forecast for next week’s quarter-on-quarter economic growth figures after official figures showed residential construction dropped 5.1 per cent in the three months to June – the biggest quarter-on-quarter decline since December 2000 – as completed projects were not replaced by new development work.’

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