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$21.16 bn worth of building work completed in Q4

Some $21.16 billion (£13.79 billion) was spent on building properties in Australia in the last three months of 2010, a new report has shown.

Some $21.16 billion (£13.79 billion) worth of construction work on properties in Australia was carried out in the last three months of 2010 (Q4), new data has revealed

Published by the Australian Bureau of Statistics, the new figures reveal that this is a 2.1 percentage point decrease on the value of building work that was carried out in the third quarter of 2010.

Of the amount spent in Q4 of last year, some $10.07 billion of it was used in the construction of new residential property in Australia.

Some $1.72 billion was used in altering and adding to existing residential buildings, while $9.36 was used for non-residential building.

These figures are all trend estimates. Seasonally adjusted estimates put the value of work done at $20.68 billion.

Earlier this month, Peter Jones, chief economist at Master Builders Australia, suggested that keeping interest rates on hold would stimulate more building activity in Australia.

Posted by Craig Francis

- construction, building

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