Australian capex data for Q4, headline +3.0% q/q (expected +1.0%, prior -3%)
Private capital expenditure for the December quarter of 2020, well ahead of expectations.
- Equipment, plant and machinery +5.7% q/q
- Builidng/structures +0.7% q/q
The headline is a beat, and those two components are also ahead of what was expected. Capex has not yet recovered to its pre-pandemic level and is nowhere even close to its peak level back in the mining infrastructure boom days (peak set in 2012).
"Estimate 5" for 2020/21 is AUD 121.4bn
"Estimate 1" for 2021/2022 is AUD 105.5bn
AUD is little changed on the data release, the focus is on global reflation and not so much local data.