The ABS has release the all important Private Capex survey for the March which contains the second estimate for the 2015/16 year ahead. The news is…well…disastrous:
Estimate 2 for total capital expenditure for 2015-16 is $104,033m. This is 24.6% lower than Estimate 2 for 2014-15. The main contributor to this decrease is Mining (-34.9%). Estimate 2 is 1.4% higher than Estimate 1 for 2015-16. The main contributor to this increase is Other Selected Industries (+6.6%).
The total is a near complete wipe out projecting a fall in business investment that could be anywhere from 2-4% of GDP:
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