FILE PHOTO: Cranes can be seen on a construction site at the inner-city suburb of Barangaroo, the site of the Australian casino operator Crown Resorts new Sydney waterfront resort, in Sydney, Australia, August 9, 2018. REUTERS/David Gray/File Photo
SYDNEY: Australian construction spending slid to its lowest in almost three years last quarter as a deepening downturn in home building spread to other sectors and posed a downside risk to growth across the economy.
The weakness in housing is also unlikely to turn anytime soon as the industry wrestles with an overabundance of new apartment blocks begun when the market was red-hot.
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