The ABS has released quarterly private capex intentions and the news is less weak:
Estimate 4 for total capital expenditure for 2017-18 is $108,922m. This is 1.6% higher than Estimate 4 for 2016-17. The main contributor to the increase is Other Selected Industries (13.3%). Estimate 4 is 5.6% higher than Estimate 3 for 2017-18. The main contributor to the increase was Other Selected Industries (8.3%).
MINING
Estimate 4 for Mining for 2017-18 is $33,433m. This is 16.7% lower than Estimate 4 for 2016-17. Estimate 4 is 0.5% higher than Estimate 3 for 2017-18. Buildings and structures is 0.8% higher and equipment, plant and machinery is 0.4% lower than the corresponding third estimate for 2017-18.
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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.
