Australian capex data
Headline is % q/q
- expected -2.6% q/q, prior -2.8%
Building capex -1.1%
- Plant, machine capex -2.3%
Estimates for spending ahead:
- 2019/20 115.4bn AUD (-3.8% than the estimate in the prior quarter)
- 2020/21 90.89bn AUD (-8.8% from the prior estimate last quarter)
I suspect Q2 will be even woirse. But, for now, that headline spend down 1.6% and not as bad as expected should provide a bit of relief. Anyone who digs into the estimates though will not be impressed.
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