Today from ANZ:
- Revises lower their forecast for potential major projects pipeline in Australia
- 2014 to 2016 revised to A$280bn from A$312bn (prior estimate was in March 2013)
- Have upgraded their capital expenditure projection for projects either committed to or already under construction to from $160bn to $180bn (citing both cost increases and changes in the timing of capex)
ANZ says further:
- state governments are signalling their intention to increase infrastructure investment
- A number of large projects marked to proceed, which should be supportive of activity from 2015 onwards
- Also, forecast a sharp rise in resource exports, to contribute 1% to GDP growth annually in coming years
