Construction is growing at its fastest pace in more than six decades as data centre and housing building surges, with labour shortages and soaring material costs creating a challenge for the Reserve Bank of Australia ahead of a widely expected move to raise interest rates to a 15-year-high this week.
The value of residential and non-residential building approvals is expected to reach as high as 11 per cent of GDP, having already hit levels not seen since 1973, according to research by Macquarie, even as the government attempts to put the brakes on migration, and war in the Middle East puts fresh strain on projects.
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