14 April 2021
ACIF – Construction Industry Benefitting from Booming Australian Economy and Stimulus Measures
According to the forecast last week by the International Monetary Fund, the Australian economy is bouncing back very strongly from the coronavirus downturn. They predict that Australia’s economy will grow by 4.5% this financial year. This is quite remarkable, and a significant increase on the 3.5% that the IMF predicted in January. Further, new dwelling approvals increased in February as detached houses rose to a new monthly record. ABS figures reveal that approvals of new stand-alone dwellings rose nearly 14% from January this year to 14,072 in seasonally adjusted terms, the largest monthly total since records began in 1983. This has been largely due to the federal government’s HomeBuilder stimulus program, and apartments made up ground from a downturn in January. Further, Australia will have massive spending on road and rail projects over coming years. All of this bodes well for the construction industry, and will be elaborated in the next ACIF Forecasts, to be released on the 26th of May…
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