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The Australian Bureau of Statistics (ABS) today released data on capital expenditures (capex) for the September quarter, which registered a 0.2% seasonally adjusted fall in capex volumes over the quarter and a 1.3% decrease over the year (see below table).
The 0.2% quarterly decline missed market expectations of 0.0%.
The first chart below shows actual capex by industry in dollar terms (rather than volume terms as shown above), which actually rose by 0.4% over the quarter. Mining capex (+4.5%) and manufacturing capex (+6.2%) rose in nominal terms, partly offset by “Other” capex (-2.0%):
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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.