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The Australian Bureau of Statistics (ABS) has released capital expenditure data for the September quarter, which fell a seasonally adjusted 0.6% over the quarter to be 1.7% higher year-on-year. The quarterly decline was driven by a 1.6% fall in Equipment, Pland & Machinery:
The next chart plots the time series:
The result badly missed analysts expectations of a 1.5% rise.
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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.