Construction in Australia – Key Trends and Opportunities by State and Territory to 2024
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The outlook for construction in Australia remains gloomy, having contracted by 6.6% in real terms in 2019, with the industry expected to fall further in 2020, by 4%, given the impact of the Coronavirus (COVID-19) pandemic on consumer and investor confidence, coupled with plummeting oil prices and weakness in the residential sector. The construction industry was designated as an essential service, and was exempted from the lockdown restrictions, and as a result, it fared slightly better than expected in the second quarter of 2020. The total value of construction work completed, measured at seasonally-adjusted chain volume, declined by 2.2% year-on-year (y-o-y) in Q2 2020 – a slight improvement from a decline of 4.4% y-o-y in the previous quarter, according to the Australian Bureau of Statistics (ABS).
The Australian government is focusing on an infrastructure-led economic revival, through new and accelerated infrastructure spending. In mid-June 2020, the government announced that 15 infrastructure projects worth AUD72 billion (US$49.1 billion) will be fast-tracked, thereby supporting over 60,000 direct and indirect jobs. Moreover, the federal, state and territory governments have reached an agreement to cut approval time for infrastructure projects by half. In the fiscal year (FY) 2020/2021 (July to June) budget, announced in early October 2020, the government announced a plan to invest AUD7.5 billion (US$5.4 billion) on transport infrastructure projects across the country; this brings the federal government’s total commitment to infrastructure projects since the onset of the pandemic to AUD14 billion (US$9.5 billion) over the next four years. Although this will provide the required boost to the Australian construction industry this year, a downside risk could arise from the plummeting oil prices and subdued demand for oil and gas, which has led to deferred investments on various energy projects.
Over the remaining part of the forecast period, the industry is expected to record an annual average growth of 3.4% between 2021-2024, supported by the government’s investments on road and rail infrastructure projects, First Home Loan Deposit Scheme, Home Builder program and the upgrade to the National Broadband Network. The government plans to invest AUD110 billion (US$74.7 billion) on transport infrastructure project over the next ten years through its rolling infrastructure plan, starting from FY2020/2021; this will support the long-term growth in the industry.
This report provides detailed market analysis, information, and insights into the Australian construction industry, including –
– The Australian construction industry's growth prospects by market, project type and construction activity
– Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Australian construction industry.
– Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
This report provides a comprehensive analysis of the construction industry in Australia. It provides –
– Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Australia, featuring details of key growth drivers.
– Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
– Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
– Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
– Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
– Assess market growth potential at a micro-level with over 600 time-series data forecasts.
– Understand the latest industry and market trends.
– Formulate and validate strategy using GlobalData's critical and actionable insight.
– Assess business risks, including cost, regulatory and competitive pressures.
– Evaluate competitive risk and success factors.
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