Cliff edge ends
The major downturn is mining capital investment only has a year left to run at most, whereupon prospects for solid economic growth will return.
So reported the Reserve Bank of Australia (RBA) today in its 2016 Annual Report.
The June ABS Construction Activity figures show that engineering construction fell by a walloping -25.9 per cent to $21.2 billion over the year to June.
A rebound in commodity prices this year could even spark a bit of renewed investment, while the depletion of some project resources may require further construction activity in due course.
Residential building activity rose by +10 per cent over the year to $17.1 billion, helping to cushion at least some of the blow.
Total construction activity was still -10.9 per cent lower over the year, however, at a total of $47.3 billion.