Fed: Building work falls in June - ABS

00-00-0000
Fed: Building work falls in June - ABS

Figures out today show the construction boom may be easing, with home building dippingin the June quarter for the first time in two years.

The Australian Bureau of Statistics says completed commercial building work also fellin the three months to June, going against economists' expectations.

The value of building work done fell 3.4 per cent to $11.28 billion, although it was5.5 per cent stronger than the same time last year.

Residential building work fell 3.4 per cent and commercial building dropped 3.6 percent, following a nine-quarter positive run, although both hit record highs in the previousquarter.

However, future indications of building work remain high, with building approvals jumping13.2 per cent in June.

Economists say the Reserve Bank of Australia would welcome any sign of a cooling inthe housing market.

Figures tomorrow are expected to show Australia ran up a record current account deficitin June as exports continued to languish, SARS depressed tourism, and strong consumerdemand sucked in imports.

AAP RTV kmh/sb/rt/rp

KEYWORD: ECONOMY (CANBERRA)