Capex outlook shifts from everthing to energy

Wednesday 25 February 2026

ANZ’s major projects series has some good and bad news.

In 2024–2025, major projects in Australia’s pipeline will reach $71 billion. They are expected to peak at $105 billion in 2027–2028, later than ANZ previously thought.

This change happened because project schedules and financial situations have changed.

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About the author

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.