The Australian Bureau of Statistics has released the much admired Private Capex report today and it looks like Glenn Stevens is going to have to do a little more whinging. Estimate 7 for last year is weak and shows capex fell year on year. More importantly, after last quarter’s strong rebound, expected capex is easing back:
Estimate 7 for total capital expenditure for 2013-14 is $157,869 million. This is 1.7% lower (-$2,661m) than Estimate 7 for 2012-13. Estimate 7 for equipment, plant and machinery decreased by 8.9% (-$4,997m) while Estimate 7 for buildings and structures increased by 2.2% (+$2,336m). Estimate 7 is 3.2% lower (-$5,249m) than Estimate 6 for 2013-14. The main contributor to this decrease was Mining (-$5,025m).
Estimate 3 for total capital expenditure for 2014-15 is $145,158 million. This is 10.2% lower (-$16,463m) than Estimate 3 for 2013-14. The main contributor to this decrease was Mining (-$21,974m). Estimate 3 is 5.1% higher (+$7,098m) than Estimate 2 for 2014-15. The main contributor to this increase was Other Selected Industries (+$5,098m).