The business expenditure data is here from earlier:
- Australian Private Capital Expenditure (capex) for Q3: -3.0% q/q (expected -1.5%)
- AUD little changed after the lowest reported capex spend since 2007
Some summary comments from Westpac on today's release:
- In short, the outlook for business investment is weak - although not as weak as 3 months earlier.
- there was a relief bounce in capex plans for the service sectors.
- Developments locally around the virus and the economy and restrictions have not been as dire as feared.
- Manufacturing upgraded plans as well.
- mining was downgraded - with projects delayed or shelved in response to lower commodity prices associated with weaker global demand
