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On Friday, the ABS has released the annual national accounts to June 2019, which reported that overall capital expenditure (“Gross fixed capital formation”) decreased 1.4% in 2018-19, and collapsed to 23.3% of GDP from 24.3% the year prior:
Mining investment continued to fall to 2.6% of GDP from 3.0% the year prior and a peak of 8.9% in 2012-13:
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Non-mining investment (i.e. services, construction, manufacturing, etc) also decreased by 0.2% in real terms in 2018-19:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.