how messy is that, page-8

Yes and no. There were/are seven major LNG projects being built at present, which was driving construction costs to records levels. One of those was completed last year.

Take away those projects and a much weaker economy becomes clear.

This is evident by the destruction of interest rates in a vain attempt to stimulate local consumption, improve competitiveness and lower the cost of servicing debt.

As the AUD falls, so will interest in Aussie Bonds, which were at an all-time high.

When presented with such a dilemma, governments normally respond by taxing the guts out of whatever...such as foreign capital and non-resident income, which is exactly what you shouldn't do. You need to stimulate investment, business and jobs, not the opposite.

This article came out today about the fall in construction costs, which is now clearly not a result or connected with falling commodity prices, which the government usually claims. It's a direct result of carbon and other taxation, which has a lag effect of another 18 months.

Engineering construction down in Dec qtr