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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
Private Capital expenditure for Q3 came in a lot weaker than expected falling 0.6% q/q to be +1.7% y/y after Q2 was revised up to flat. This data is real and is likely to be a slight drag on Q3 GDP but investment intentions point to a positive outlook.
- The softness in the total was driven by the plant & machinery component which fell 1.6% q/q after rising strongly the previous two quarters. It now stands 2.2% higher than a year ago. Building rose 0.5% q/q after declining the previous two quarters.
- The mining sector was another driver of the weak result falling 5.1% q/q compared to +1.4% for non-mining. But investment intentions in the sector are 3% higher for 2022-23 and non-mining 6.8%.
- Total investment intentions for 2022-23 rose 5.6% compared with the previous estimate and are now higher than the previous financial year. This was predominantly driven by plant & machinery expectations rising 10.4%. Building rose 2.3%.
- Capex growth has been lacklustre this year and the Q3 2022 level was 2.6% below the Q4 2018 peak but 3.5% higher than Q4 2019.
Australia real capex %
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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