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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The private capital expenditure data for Q4 painted a positive picture of investment in Australia. It rose 2.2% q/q in volume terms, higher than expected, and Q3 was revised up to +0.6% from -0.6%. The increase was driven by buildings and structures rising 3.6% q/q while plant & equipment rose 0.6%.Initial capex plans for 2023-24 are up 11.1% on the first estimate for 2022-23 and were solid across major sectors, signalling the resilience of the economy.
- Capex is up 3.6% y/y after 2.5% the previous quarter. Building is up 3.8% y/y from 2.8% and plant & equipment +3.4% from 2.2%.
- Investment plans for the current financial year have been revised up 2.2% on the previous estimate, although building was revised down 0.8% while plant & equipment was up 6.3%. Estimates for 2023-24 are up 10.1% and 12.5% on the estimate a year ago respectively.
- Mining capex rose 0.7% q/q but was outdone by non-mining at +2.8%. The first estimate of mining investment intentions for 2023-24 are up 7.4% on a year ago while non-mining is 12.9%.
Australia real private capital expenditure y/y%
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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