Residential building activity was still running at full pelt through the second quarter of the year, pushing up building costs in cities such as Sydney.
The Housing Industry Association (HIA) announced today that it believes that new home building will now decline for the next three years, with annual commencements falling from a peak of over 232,500 dwellings to 166,500 in 2018/19, with some downside risks to the forecast.
Ichthys aside, most of the project-driven declines have now washed through the figures outside Western Australia.
Analysts expect to see moderate GDP growth in the second quarter of calendar year 2016 with net exports not making much of a contribution this time around.
On balance, though, the planned hand-off has been pulled off very well, with Australia now getting close to the bottom of its mining cliff.
Although resources regions have felt the pain, the largest capital cities have by and large pulled through relatively unscathed.