Aussie capex …
(post is here …. but in brief:
Australian Q3 Private Capital Expenditure: +0.2% q/q
- Expected -1.9%
- Prior was +1.6% (revised from+1.1%) in Q2
The more important “equipment, plant and machinery” component is +4.4% q/q
- Expected -1.0%
- Q2 reading was -0.9%
Other key data point from this report is the capital spending expectations for financial year 2014/15. This is Estimate 4 for 2014/15: $153.2 bn
- The 3rd estimate for 2014/15 was at $145bn (from the prior estimate at $137bn)
)
Via Fast FT comes this quick take on the capex data (gated) … bolding mine:
- Australia is managing the exit from the mining boom in a more balanced way than economists had expected
- Private capital expenditure… unexpectedly edged up in the third quarter … second straight gain
- Estimates for next year’s spending were, once again, revised up
- Spending on plants and machinery increased by 2.6 per cent (A$318m), offsetting a 1.2 per cent (or A$303m) decline in spending on buildings and structures
- That the mining boom has cooled is a foregone conclusion, but the new data suggests the drop-off in spending isn’t as steep as anticipated
- Expected spending for 2014-15 is now A$153.2bn. … That reflects a decline of 7.5 per cent from a year ago, but it’s also 2.2 per cent higher than its previous (third) estimate
- Revisions have now gone upward for three straight quarters
