MNI (PERTH)
(MNI) Perth
True
The robust capex outlook was underpinned by a 10.4% increase in planned spending on equipment, plant and machiner. Non-residential construction capex plans increased 2.3% as the industry continues to work its way through a backlog of work caused by supply constraints, a tight jobs market and bad weather. The estimate for mining capex was raised 3%, less than half the 6.8% increase recorded for non-mining capex. The RBA is expected to raise rates by 25bp to 3.1% when it sits for its final board meeting of the year next Tuesday.
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