Private capex shows mining peak ahead

Today’s all important ABS private capex release looked pretty good in headline terms:

JUNE KEY FIGURES

		Jun Qtr 12	Mar Qtr 12 to Jun Qtr 12	Jun Qtr 11 to Jun Qtr 12
		$m	% change	% change
Trend estimates(a)
	Total new capital expenditure	41 744	3.6	23.7
	Buildings and structures	26 058	5.8	40.8
	Equipment, plant and machinery	15 586	-0.5	2.3
Seasonally adjusted(a)
	Total new capital expenditure	41 961	3.4	27.4
	Buildings and structures	26 241	4.8	45.2
	Equipment, plant and machinery	15 720	1.2	5.7

But in the projected capex estimates there is a hint that the mining boom peak is indeed approaching. Total projected capex for the country still rose nicely, north of $180 billion:

But the growth was driven by the seasonal rise in the manufacturing capex estimate:

And the same in the “other” category:

The forward estimates for mining capex actually fell, unseasonally:

Too early to day for sure, but this survey is projecting a mining investment peak within a year.