Construction stopped in its tracks
Work done on new houses plunged 14 per cent in Q2, which was by far the biggest quarterly contraction since the shock in Q2 2000.
The figures only run from April to June, so activity will be much lower now in September.
There was a particularly sharp drop in Victoria, mirroring several builder insolvencies last quarter.
By contracts, attached dwelling construction continued at a similar level (though unit approvals have now collapsed to decade lows).
Supply continues to tighten, with a further rate hike expected on September 6.
---
AiG's Performance of Manufacturing Index also slumped into contraction territory in August.
