granthamana I suspect they are on their last leg. It's their last ditch effort to try and turn the market around. (Good luck to them, they will need it)
These dwelling commencements you mention for Sydney. March 2012 was 4782 units, the lowest since records existed in Sep 1984. Even back then they were building 10676 units!.
Credit Growth for mortgages is at 35 year lows, the lowest since records exist.
Every day, more data comes out which is the lowest since records exist.
