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MNI BRIEF: Aussie Capex Plans To Support Growth In 2023

MNI (PERTH)
(MNI) Perth
True

The Reserve Bank of Australia's rate hiking campaign has failed to dampen corporate capital expenditure plans for 2023, offering support for the economy as household spending is expected to slow next year.

While actual capex fell 0.6% q/q in the third quarter and will detract from third quarter GDP, the fourth estimate of 2022-2023 plans rose 5.6% to AUD155.7 billion. That's 5.6% higher than the third estimate and 12.4% higher than the fourth estimate for 2021-2022 at this time last year.

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The Reserve Bank of Australia's rate hiking campaign has failed to dampen corporate capital expenditure plans for 2023, offering support for the economy as household spending is expected to slow next year.

While actual capex fell 0.6% q/q in the third quarter and will detract from third quarter GDP, the fourth estimate of 2022-2023 plans rose 5.6% to AUD155.7 billion. That's 5.6% higher than the third estimate and 12.4% higher than the fourth estimate for 2021-2022 at this time last year.

Keep reading...Show less