- Total construction values were over $20B for the Dec to Mar quarter
- Private sector works rose 1.8%, public sector work done fell by the same
- Average property assets rose to over $730K from $653K (+12%)
The latest Australian Bureau of Statistics (ABS) data on engineering construction activity has been released, and the data mainly confirms what was expected.
Australia has seen a building boom, which was kicked off when substantial amounts of government money were poured into the housing and construction industryies from mid-2020.
Some places were left with a labour and materials shortage, as these construction projects flow on.
According to the ABS data, construction work rose 0.4% from the December to March quarter.
While the value of private sector works increased 1.8%, public sector work value went down by the same percentage.
In dollar terms, the private sector saw $13.4 billion in work done, as compared to the public sector’s $8.34 billion.
Total engineering construction values overall were $21.75 billion.
Value of work done, chain volume measures – seasonally adjusted
With a hot property market, it comes as no surprise what happened to asset values.
The ABS reported total average property assets increased from $653,700 per household in December 2019 to $731,100 in December 2020 (+12%).
As for household income, it remained largely the same.
“Average private household income remained steady in December 2020 ($2,086), compared to December 2019, while average government pensions and allowances increased by $55 per week to $263.”
For those who accessed superannuation early, most of it was used to pay for rent, mortgages, or household bills.
Main use of super early access scheme, Dec 2020 quarter