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Free AccessMNI: PBOC Net Drains CNY227 Bln via OMO Wednesday
MNI BRIEF: Aussie Q3 GDP Prints At 0.3% Q/Q
Westpac: LNG Platform Skewed Australia Q2 Construction Data
--Floating LNF Platform Left for Western Australia from South Korea on June 28
By Sophia Rodrigues
SYDNEY (MNI) - The sharp jump in construction work done in the second
quarter may be due to single large import, a floating Liquefied Natural Gas
platform, Westpac economists say.
In his "first impressions" commentary on the construction work done release
for the second quarter, Westpac economist Andrew Hanlan said the engineering
figure may have been inflated "by the importation of Prelude, a floating LNG
platform" which set sail for Western Australia from a South Korean shipyard on
June 28.
He noted the data, published by the Australian Bureau of Statistics earlier
Wednesday, showed that private infrastructure work jumped 32.2% in the quarter,
up A$4.0 billion, fully accounted for by construction work in Western Australia,
which leapt 55.6% or A$4.1 billion.
Handlan said he expected the ABS to amortize the value of the platform over
the time that it was constructed which has been the approach in recent years and
avoids these spikes.
"This would see a relatively smooth rise in investment and in imports," he
wrote in a note.
Hanlan also noted that the import data, as reported in the monthly
international trade release, did not show a spike in June.
"At this stage we are inclined to expect the ABS will revise the import
data with the release of the Balance of Payments on Tuesday September 5, a day
ahead of the National Accounts," he said.
The ABS could not be reached for comment.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MALDS$,M$A$$$,M$L$$$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.