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Housing construction is forecast to pick up and a burst of public investment will be key growth drivers over the year ahead, according to the Australian CAPEX report released by Westpac.
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Such increase is “typically the case in the earlier stages of an economic recovery” the report said.
By contrast, the credit crisis and global recession have hit the non-residential building sector particularly hard, with approvals down about 50% from last year’s high, according to the report.
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