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Wednesday 25 September 2019

Engineering construction dives

Jobs ads falling

The Reserve Bank's Lowe noted this week that mining investment is expected to increase over the next year. 

It needs to.

Engineering construction activity plunged -15 per cent in FY 2019 as the infrastructure boom lost some momentum.

Activity in the NT has fallen by nearly three-quarters over the financial year, as Ichthys no longer pumps up the figures. 


In other - though not unrelated - new, Internet Vacancies Index fell for an 8th consecutive month to be 6 per cent lower than a year earlier. 


Source: Department of Employment

The slowdown in the economy may have come as a surprise, but it's real.

The unemployment rate has lifted from 4.9 per cent to 5.3 per cent, so far, which is a long way the the assumed rate for full employment at 4½ per cent.