Let work commence
A chart worth looking at for those who think engineering construction might continue falling for years to come.
It's clear that the amount of new work commenced has dropped substantially in Western Australia since 2014, as expected.
However, on a rolling annual basis the total amount of work commenced has increased from $61 billion to $70 billion over the past five quarters.
The increase has all been driven by Queensland's rebound, with annualised work commenced increasing from $12 billion to $20 billion over the same time.
Interesting article from ABC here which notes the increase in temporary visa holders to nearly 2 million.
I wrote the same more than a week ago here - and indeed they have used the same graphic - however, it should be noted that the ABC piece is also spiced with a number of (at best) questionable assertions, such as immigration increasing at "a record clip" and so on.