Capex disappoints

The ABS quarterly capex report was out today and disappointed on current spend as well as expected spend outside of mining. First, the details from the quarter past:

Trend estimates(a)
	Total new capital expenditure	38 737	5.9	32.3
	Buildings and structures	22 692	8.1	47.4
	Equipment, plant and machinery	15 916	2.1	14.7
Seasonally adjusted(a)
	Total new capital expenditure	37 915	-0.3	30.0
	Buildings and structures	22 243	0.9	47.6
	Equipment, plant and machinery	15 672	-2.1	11.1

The important figure is the 0.3% fall, versus market expectations of a 4% rise.

The total estimated capex for the first quarter of 2012/13 showed a very healthy rise to $173 billion (remember the clear bars are the expected capex for the year in any given quarter, the shaded areas are the actual):

But the composition was very much more of the two speed economy. Mining continues to power with its first estimate for 2012/13 of Goliath proportions:

But manufacturing and other industries (basically everything else) is going backwards:

Grab a hard hat, you’re going to need one.