The Bureau for Economic Research has released its building survey results for the second quarter. According to the Building Cost Index, the increase in building costs is slowing, but the bureau forecasts that building costs will probably rise later this year by 8 percent.

The survey shows business confidence among contractors in the residential sector is waning.
Building activity levels in the non-residential sector remain unfavourable and new work is scarce. Although the lowering in interest rates should underpin activity levels for the next year, a real revival is only expected in the new year once overall
economic activity shows clear signs of acceleration.