While the new Housebuilder package will help, the Housing Industry Association warns a sharper contraction in residential building activity is imminent.
“A decline in housing investment and a decline in exports were the major factors contributing to the relatively subdued growth in the economy this quarter," says Shane Garrett, senior economist with the HIA.
Australia’s economy contracted during the September 2016 quarter, only the third decline in the last decade, due in part to a decline in construction activity.
