We got the Q2 Australian 'Construction Work Done' report earlier

It came in at a big beat on expectations at +1.6% q/q (vs. -1.5% expected)

And the highest since 2013 Q3

Westpac (Senior Economist Andrew Hanlan) expresses surprise ... (bolding mine)

  • The construction report reads more like an update from 2011, when the mining investment boom was in full swing.

But ... don't get too excited:

  • This spike in infrastructure work will not be sustained
  • Rather sizeable falls ahead are in prospect

More:

  • The construction sector (which accounts for around 15% of the economy) will add to growth in the June quarter 2015
  • This will provide a partial offset to the drag from net exports
  • Outside of WA (that's Western Australia in case you don't know) infrastructure, construction work was weak
  • Public works weakened further, falling sharply
  • Commercial building was little changed
  • Private new residential building surprised, falling by 3.6%, defying the upswing in approvals