The ABS has released private capex intentions for the March quarter and the outlook remains luke warm at best:
Estimate 6 for total capital expenditure in 2016-17 is $112,629m. This is 11.4% lower than Estimate 6 for 2015-16. The main contributor to this decrease is Mining (-29.6%). Estimate 6 is 0.8% higher than Estimate 5 for 2016-17. The main contributor to this increase is Other Selected Industries (2.6%).
Estimate 2 for total capital expenditure for 2017-18 is $85,436m. This is 6.4% lower than Estimate 2 for 2016-17. The main contributor to the decrease is Mining (-21.7%). Estimate 2 is 5.2% higher than Estimate 1 for 2017-18. The main contributor to the increase was Other Selected Industries (6.5%).
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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.
