The Nikkei carry a quick comment on Australian Private Capital Expenditure data out earlier:
The Nikkei says:
- Australian business investment slipped in the third quarter as pandemic lockdowns shut many businesses, government data shows, though future spending plans proved resilient and a rapid recovery is expected now that most restrictions have been lifted.
- Capital expenditure fell a real 2.2% in the third quarter to 32.7 billion Australian dollars ($23.57 billion), in line with market forecasts of a 2% drop.
- Spending plans for the year to end June 2022 were upgraded to A$138.6 billion, above most analysts' estimates.
Bolding is mine. The Nikkei would have eyed the upgrade to spending plans, shown in the final bar in this graph:
I noted some local response bemoaning how far capex had dropped since the mining-boom glory years. Well, yeah. But the 'olden days' are long gone and we have to judge capex quite differently now.