Recap of the Australian capex data for Q3 - weak but not worse
The business expenditure data is here from earlier:
Some summary comments from Westpac on today's release:
- In short, the outlook for business investment is weak - although not as weak as 3 months earlier.
- there was a relief bounce in capex plans for the service sectors.
- Developments locally around the virus and the economy and restrictions have not been as dire as feared.
- Manufacturing upgraded plans as well.
- mining was downgraded - with projects delayed or shelved in response to lower commodity prices associated with weaker global demand