Australian capex plans remain awful

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The Australian Bureau of Statistics has released its all important private capital expenditure outlook for the June QTR and the result is a decent firming from shocking levels but absolutely nothing to get excited about:

Estimate 7 for total capital expenditure in 2014-15 is $150,579m. This is 4.7% lower than Estimate 7 for 2013-14. The main contributor to this decrease is Mining (-15.8%). Estimate 7 is 0.5% higher than Estimate 6 for 2014-15. The main contributor to this increase is Other Selected Industries (+4.0%).

Estimate 3 for total capital expenditure in 2015-16 is $114,814m. This is 23.4% lower than Estimate 3 for 2014-15. The main contributor to this decrease is Mining (-37.1%). Estimate 3 is 9.9% higher than Estimate 2 for 2015-16. The main contributor to this increase is Other Selected Industries (+17.2%).

Financial year actual and expected expenditure- Total Capital Expenditure
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.