New data from the ABS today on building approvals for August and engineering construction activity for the June quarter confirm economic conditions in Queensland remain below average and we won’t see much of a recovery in the short-term (see charts below). As Houses and Holes at MacroBusiness observed, “it’s another miss for the rebalancing project,” meaning the building industry isn’t rebounding to compensate for the decline in mining construction activity that we’re now seeing in Queensland and WA.
On today’s data, also see:
Queensland Economy Watch 