Fed: Housing construction appears to be coming off: Costello
CANBERRA, Dec 4 AAP - Treasurer Peter Costello said today housing construction boomappeared to be easing but was lasting longer than predicted at the Budget.
His comments followed the release of figures showing that Australian real gross domesticproduct (GDP) rose by a seasonally adjusted 0.9 per cent in the September quarter.
Mr Costello told reporters that very strong engineering and private business investmentwas kicking in to the Australian economy.
"Our capital expenditure surveys continue to point to good, strong growth over thecourse of 2002/03," he said.
"We were forecasting housing to come off in this financial year but in the mid-yearreview we changed that to a slight increase and we're seeing that come through in thisquarter.
"It appears as if housing construction is coming off but probably lasting a littlelonger than we expected at the time of the Budget."
AAP so/sw/apm
KEYWORD: ECONOMY HOUSING
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