Capex results underwhelm
(1 March 2018 – Australia) Capital expenditure (capex) data fell by 0.2 percent to A$29.57bn on a seasonally adjusted basis for the final three months of 2017.
The results missed expectations for an increase of 1 percent with the forward looking estimate of capex plans for 2018/2019 also weaker than forecast, up 3.5 percent on the same time last year.
The capex figures also put the Australian dollar under pressure, falling to 77.3 US cents.
Despite the underwhelming fourth quarter results, total capex grew by 4 percent over the year, the strongest increase in five years.
The survey captures around 60% of total business investment, excluding data from key sectors such as agriculture, health, education.
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