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      "text": "The base outlook for FY22 to FY25 for work put in place (WPIP) in New Zealand and work done in Australia shows resilience compared with FY21. This is particularly so for commercial work done and infrastructure work done in Australia - with our base outlook showing continued growth expected in real terms throughout the FY22 to FY25 period.\nPrivate and public investment are key drivers for commercial and infrastructure WPIP / work done. Moderate growth in private investment and strong public sector investment is expected to continue in the post-pandemic recovery environment.\nWhile slow disposable income growth, an increasing interest rate environment and growth in inflation, combined with a cooling housing market may limit demand for residential WPIP in New Zealand and work done in Australia - the outlook for FY22 to FY25 remains at above or near FY21 levels.\nThe war in Ukraine is expected to have a modest impact on the New Zealand and Australian economies. Increased input costs are affecting both countries, although higher commodity prices may benefit Australia.\nLabour shortages remain acute - particularly in New Zealand. Inflation and interest rates are expected to be higher in the short run. These pose risks to the forward pipeline and we assess an asymmetry of risks - with greater risks to the downside scenario at present.\nBoth the Australian and New Zealand economies are likely to enter a recession in the downside scenario. Residential WPIP / work done would be most affected in the downside scenario, while commercial and infrastructure WPIP / work done would be more resilient.\nDeloitte Access Economics' economic regression analysis suggests similar macroeconomic drivers across demand, supply and prices for New Zealand and Australia. Work done in Australia is generally more stable over time relative to New Zealand WPIP.",
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