Australian Capex Beats Expectations - ABS
(28 February 2024 – Australia) New Australian capital expenditure (capex) increased 0.8 percent in Q4 2023 on quarter according to the Australian Bureau of Statistics (ABS).
The figure of A$40.1 billion easily beat forecasts for a more muted rise of 0.4 percent following the downwardly revised 0.3 percent increase in Q3 2024. Year-on-year, overall capex was up 7.9 percent.
Equipment and machinery capex was relatively flat. Ongoing investment in data centres also led to a strong rise in capex for the information media and telecommunications industry up 6.5 percent.
“Business investment grew in the mining and non-mining industries in the December quarter. Mining rose 1.1 percent and non-mining was up 0.6 percent” stated ABS Head of Business Statistics, Robert Ewing,
“Electricity, gas, water, and waste services saw the largest rise of any industry, up 14.7 per cent. This was from increased investment in renewable energy infrastructure. While new investment in equipment and machinery was flat in December quarter, it remains at a high level. Compared to the December quarter 2022, capex is up 6.4 percent following strong growth in vehicles, particularly in the construction industry" Mr Ewing said.
“While new investment in equipment and machinery was flat in December quarter, it remains at a high level. Compared to the December quarter 2022, capex is up 6.4 per cent following strong growth in vehicles, particularly in the construction industry.”
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