Data centres, not mines, dominate Aussie investment growth

David Llewellyn-Smith

Thursday 26 February 2026

ABS private capex numbers are out and are impressive, if rather narrow.

Future capex is expected to rise 7.3% over the next year.

Growth in equipment and machinery has soared to 14.3%.

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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.