The ABS has released September quarter capex intentions and the news is more weakness.
Estimate 4 for total capital expenditure for 2016-17 is $106,926m. This is 14.3% lower than Estimate 4 for 2015-16. The main contributor to the decrease is Mining (-33.6%). Estimate 4 is 1.3% higher than Estimate 3 for 2016-17. The main contributor to the increase was Other Selected Industries (4.7%).
That is on the weaker side of hopes. Note that the fourth estimate tends to be in line with end result so we’re looking at -14.3% year on year. The Budget of Lies is forecasting -5%!