Australian Q3 capital expenditure figure have just been released with the data coming in stronger-than-expected. Total spend rose by 0.2% to $38.254b while equipment, plant and machinery, a direct GDP input, jumped by 4.4% to $12.872b. As hinted at yesterday in the construction report the only segment to drag was building and structures which declined 1.9% to $25.382b.
Adding to the reasonable quarterly print the 4th estimate for 2014/15 spend was revised up to $153.2b from $145.2b in Q2. In what is a good sign for economic rebalancing, albeit only an estimate, expected spend for manufacturing and ‘other’ industries in the current fiscal year increased by 4.2% and 4.6% receptively from what was seen in the 3rd estimate. Mining, somewhat surprisingly, also logged an increase of 0.4%.
Click here for the full ABS release: