The ABS reported engineering construction activity for the December quarter and...well, it increased.
In seasonally adjusted terms activity recorded a small fall, but over the past year, remarkably, activity is still up.
In due course, the figures will have to start dropping - if you read the spending intentions of the mining groups in their presos uploaded to the securities exchange this is absolutely clear.
But the good news is that another quarter has passed and the trend is much of the rest of the economy is becoming very promising: dwelling approvals today at the highest annualised level we have seen in two decades, dwelling prices yesterday cruising up to new all-time highs, retail trade to follow later this week, exports booming etc etc.
Can't be bothered to chart the data since I'm at Sydney Airport, but the gist is...there has been no mining cliff yet.