The Private Capital Expenditure data is here:
More:
- Australian Q2 capex - more (some pics .. are we at the bottom of the cliff?)
- My completely non-scientific Australian capex indicator says this is a great report
This now via Westpac (I've summarised):
June quarter Private business capex spending increased by 0.8%, exceeding our expectations
By asset
- Equipment 2.7%, an upside surprise
- Building & structures down 0.6%, also stronger than our forecast
By industry
- mining -2.8%;
- services +2.8%;
- manufacturing +1.4%
Capex spend has consolidated of late
- drag from the mining investment downturn is waning
- investment by the non-mining sectors has moved a little higher
Implications for Q2 GDP growth forecast
- We have rounded up our forecast for Q2 GDP growth to 0.7%qtr, 1.6%yr, edged up from 0.6% qtr.
2017/18 capex plans Est 3 for 2017/18 is $101.8bn, which is -3.6% vs Est 3 a year earlier (-$3.8bn)
- This represents an upgrade on the plans reported 3 months ago
- The main upgrade is around services, which is encouraging in terms of the outlook for 2017/18
- We suspect the improvement is centred on commercial building
