Adam Creighton and David Uren have a nice summary of the latest data on the two-speed economy in the Australian this morning (Retail in reverse as resources power on):
THE divide between the over-heated, resource-rich sectors of the economy and those stuck in the slow lane has been laid bare by the latest reports on construction and retail sales.
Engineering construction is growing by unheard-of rates of almost 50 per cent a year in Western Australia and 20.7 per cent in Queensland as resource companies assemble their multi-billion-dollar projects.
The impact of big resources projects on total construction work done is seen in these ABS charts from yesterday’s Construction Work Done publication, which show a boom in Queensland and WA and sluggishness in NSW and Victoria:
And the ever reliable OESR has some good charts on the diverging trends in retail trade between the resources-rich States and the others in its latest information brief published yesterday, including this one: