Calls For Australian Industries To 'Step Up' Amidst Construction Downturn



A chief economist has called for other industries to "step up" and support a construction industry that has sustained the economy for years.


This call comes off the back of research by The Australian Industry Group who have shown a serious decline in construction across Australia.


Housing Industry Association chief economist Tim Reardon told Ross Greenwood other sectors of business will need to sustain the economy.


"Home building has driven the economy for the past five years and now, as we slow down, we're going to require other segments of the economy to step up to the plate."


"We've had a very sharp contraction in new home building, in fact, it's the sharpest contraction we've seen since the introduction of the GST."


"But we don't expect it to be a deep downturn."