Exploring the performance of Australian construction industry in a recent global recession
Abstract: Available data on the recent global financial crisis (GFC) show that it lasted between the second quarter (Q2) of 2007 and the fourth quarter (Q4) of 2009. Australia is one of the first economies to fully recover from this crisis. This study explores the role played by the Australian const...
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| Format: | Journal Article |
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Korean Institute of Engineering and Management
2011
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| Online Access: | http://www.jcepm.org/english/download.php?id=142&sid=86e594eaf07f72e0db02e63c3a680a48 http://hdl.handle.net/20.500.11937/26478 |
| _version_ | 1848751997988110336 |
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| author | Olatunji, Oluwole |
| author_facet | Olatunji, Oluwole |
| author_sort | Olatunji, Oluwole |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Abstract: Available data on the recent global financial crisis (GFC) show that it lasted between the second quarter (Q2) of 2007 and the fourth quarter (Q4) of 2009. Australia is one of the first economies to fully recover from this crisis. This study explores the role played by the Australian construction industry in stimulating economic growth during the recession. In order to investigate the macro-variability trend during the financial crisis, data were collected and analysed relating to the quarterly GDP of Australia and selected countries between Q1 2000 and Q4 2009. Specifically, changes in the construction industry’s GDP were compared with aggregate GDP changes in Australian economy and similar indices in the ‘Group of 7’ (G7) countries and Organisation for Economic Co-operation and Development (OECD) countries. Moreover, specific attention was focused on Germany, France, Japan, United States of America (USA) and United Kingdom (UK). Graphical and Pearson’s correlation methods were used to analyse the relationships between changes in construction GDP and Australia’s overall economic growth during the recession. In addition, an attempt was made to develop a regression model for predicting economic growth during the recent recession using changes in gross fixed capital formation (GFCF), changes in construction GDP and the impact of these changes on national economy. Analysis shows a slight contraction in construction activities during the crisis; however construction triggered significant growth in the economy during the crisis period and afterwards. This appears to be the major difference between Australia and other major economies that have experienced a longer recession. |
| first_indexed | 2025-11-14T08:01:37Z |
| format | Journal Article |
| id | curtin-20.500.11937-26478 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:01:37Z |
| publishDate | 2011 |
| publisher | Korean Institute of Engineering and Management |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-264782018-12-14T00:59:50Z Exploring the performance of Australian construction industry in a recent global recession Olatunji, Oluwole Economic stimulus (ES) gross domestic product (GDP) macro-variability global financial crisis (GFC) fixed capital formation (FCF) Abstract: Available data on the recent global financial crisis (GFC) show that it lasted between the second quarter (Q2) of 2007 and the fourth quarter (Q4) of 2009. Australia is one of the first economies to fully recover from this crisis. This study explores the role played by the Australian construction industry in stimulating economic growth during the recession. In order to investigate the macro-variability trend during the financial crisis, data were collected and analysed relating to the quarterly GDP of Australia and selected countries between Q1 2000 and Q4 2009. Specifically, changes in the construction industry’s GDP were compared with aggregate GDP changes in Australian economy and similar indices in the ‘Group of 7’ (G7) countries and Organisation for Economic Co-operation and Development (OECD) countries. Moreover, specific attention was focused on Germany, France, Japan, United States of America (USA) and United Kingdom (UK). Graphical and Pearson’s correlation methods were used to analyse the relationships between changes in construction GDP and Australia’s overall economic growth during the recession. In addition, an attempt was made to develop a regression model for predicting economic growth during the recent recession using changes in gross fixed capital formation (GFCF), changes in construction GDP and the impact of these changes on national economy. Analysis shows a slight contraction in construction activities during the crisis; however construction triggered significant growth in the economy during the crisis period and afterwards. This appears to be the major difference between Australia and other major economies that have experienced a longer recession. 2011 Journal Article http://hdl.handle.net/20.500.11937/26478 http://www.jcepm.org/english/download.php?id=142&sid=86e594eaf07f72e0db02e63c3a680a48 Korean Institute of Engineering and Management restricted |
| spellingShingle | Economic stimulus (ES) gross domestic product (GDP) macro-variability global financial crisis (GFC) fixed capital formation (FCF) Olatunji, Oluwole Exploring the performance of Australian construction industry in a recent global recession |
| title | Exploring the performance of Australian construction industry in a recent global recession |
| title_full | Exploring the performance of Australian construction industry in a recent global recession |
| title_fullStr | Exploring the performance of Australian construction industry in a recent global recession |
| title_full_unstemmed | Exploring the performance of Australian construction industry in a recent global recession |
| title_short | Exploring the performance of Australian construction industry in a recent global recession |
| title_sort | exploring the performance of australian construction industry in a recent global recession |
| topic | Economic stimulus (ES) gross domestic product (GDP) macro-variability global financial crisis (GFC) fixed capital formation (FCF) |
| url | http://www.jcepm.org/english/download.php?id=142&sid=86e594eaf07f72e0db02e63c3a680a48 http://hdl.handle.net/20.500.11937/26478 |