Australia Q3 construction work done preview - NAB
|
Analysts at National Australia Bank (NAB) note that the key risk event for the Aussie this week will be the Q3 construction work done due on the cards tomorrow.
Key Quotes:
“Last quarter's +9% reading was bloated by the technical inclusion of the Darwin Ichthys Central Processing Facility as "construction", though there was no net GDP impact given it was imported.
The Prelude FLNG platform arrived in Australian waters in July while the Ichthys' Floating Production, Storage, and Offloading (FPSO) facility arrived in August.
We expect therefore to see that Q3's estimate was similarly bloated with a headline rise of 14%.
We will be paying close attention to the LNG-unrelated residential and non-residential building and public sector engineering work done segments that we expect to have supported growth and represent still strong domestic construction patterns. Anecdotally, with a very long period of dry weather in Queensland and NSW, there were minimal interruptions during Q3.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.