After a robust rally that began at the start of March, markets in Australia and around the world have given up some of those gains in more recent times. The local share index will close about 1% lower this week, paring back the better than 7% gain that had been posted in the rally over the six weeks prior. Data releases have been relatively light this week, though there was a Q1 update on construction activity that confirmed strong public-sector infrastructure investment continues to lead the way. That said, private housing construction is still expected to make a positive contribution to GDP when the data is released in a couple of weeks.

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