Beneath the pull-back in oil and gas projects, an underlying turnaround in the engineering construction sector in Australia is set to begin from 2016/17, the latest forecasts suggest.

Releasing its latest 14-year forecast for engineering construction activity in Australia, industry research firm BIS Shrapnel says that overall, the total annual value of work done throughout the sector will plummet 44 per cent from its peak of $130 billion in 2012/13 to a low point of $73 billion by…