Westpac on Australian capex data - 'equipment spending surprised to the high side'

The mixed bag data result is here from earlier:

• Australia Q3 capex data: -0.5% q/q (expected +1.0%)

Westpac out with a quick first take , some points they note:

Private business capex spending in Q3

• softer than expected
• Weakness was in building & structures
• Importantly, equipment spending surprised to the high side

Estimate 4:

• an upside surprise
• a material and significant upgrade from Est 3

Conclude:

• mining investment is set to move lower in 2018/19
• non-mining investment is in an uptrend

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Meanwhile, AUD/USD is still doing not much at all: