Australian construction data big miss - sharp fall will dent GDP growth

The data is here from earlier:

• Australia - Construction work completed in Q3: -2.8% q/q (expected +0.9%)

Westpac response now (this in brief):

• much weaker than expected
• Weakness was broadly based
• construction work can be volatile quarter to quarter
• the sharp fall in construction work will dent GDP growth
• We are currently on a GDP forecast of 0.7%qtr, 3.4%yr. Risks to this number are now clearly to the downside.

bolding mine