Bank desk views on today's Q1 Capex.......>

AUSTRALIA: Bank desk views on today's Q1 Capex release:

- ANZ: We believe capital expenditure rose only fractionally in Q1. We expect

the key input to GDP from the release - plant and machinery spending - to record

solid growth; although the softness in non-residential building is expected to

weigh down the headline number. We also expect a solid upward revision in firms'

spending plans for 2018-19.

- CBA: A comparison of previous second estimates with actuals shows that

non-mining firms will almost always underestimate their capex plans at both

their first and second stabs. But the magnitude of the miss can vary greatly in

any given year. We consider a second estimate that comes in larger than $63bn as

an upgrade on the first estimate and also a good outcome. Less than $63bn would

imply a downgrade.

- NAB: Mining CapEx is expected to lift a little (+1.5% q/q), after last

quarter's 4.7% q/q fall. There are signs that mining investment has bottomed,

with increased reports of growing sustaining capex and return in greenfield

exploration investment.