Capital expenditure (capex) for the first quarter
- January - March 2018
Headline is +0.4% q/q for a miss on estimates ….
- expected +1.0% q/q
- prior -0.2%
More:
- Plant, machinery & equipment +2.5% q/q
- Buildings capex -1.3% q/q
- 2nd Estimate 2018/19 AUD87.7bn (expected 90.7bn)
- Latest estimate for 2017/18 is 117.5bn (expected 115.1bn)
A softer result all round for business spending in the first quarter (and plans ahead) and a negative input for the Australian dollar. Earlier we got PMIs form China, which came in better are were a positive inout for the AUD …. AUD looks like it has some downside regardless of the noos!
Pic going back a few years (from the ABS but the helpful red line added by me):
The end of the mining investment boom started before this earliest in this graph, so its worse than it looks. There has been some pick up in min-mining investment, and mining investsment has started to stabilise a little. Still, not enough if this is anything to go by.
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For background, check out previews posted earlier:
