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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
Q1 private capex rose 2.4% q/q to be up 6.3% y/y, stronger than expected. Q4 was revised up to 3% q/q from 2.2%. The strength was broad based in both the mining and non-mining sectors and in building and equipment. This growth is welcome as real private GFCF fell 1.7% q/q and -1.3% y/y in Q4 GDP.
- Machinery & equipment rose 3.7% q/q and 5.8% y/y and building & structures +1.3% and 6.8%.
- Capex intentions were increased 2.7% for FY23 and by 6.4% for FY24 signalling a positive investment outlook. Building was unchanged for FY23 but FY24 was 6.4% higher, whereas equipment was +6.1% and +6.4% respectively.
- Weak construction activity has impacted equipment investment in the sector with it falling 23.1% in Q1. But this follows a period of strong capex and investment expectations remain positive.
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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