Construction
Photo: Pexels / Anamul Rezwan
  • 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.

The latest

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

Value of work done, chain volume measures - seasonally adjusted (1)
Source: ABS.

Household finances

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.”

ABS

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

Main use of superannuation early access scheme payment, December quarter 2020
Source: ABS.


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