Australia business investment hits 7-yr top in Q4, outlook upbeat

SYDNEY : Australian business investment rose to a seven-year high in the December quarter helped by a jump in spending on retail and accommodation, while firms also had an upbeat outlook for 2023/24.

Firms plan to invest around A$159 billion for the current year to June, while first estimate for 2023/24 came in at A$129.7 billion, on the high side of forecasts.For the December quarter alone, investment by Australia's huge mining sector bounced 0.7 per cent after a soft September quarter, with spending by the rest of industry increasing 2.8 per cent.

This would leave annual growth at a healthy 2.7 per cent, though that is expected to slow markedly this year as high interest rates and falling house prices eat into spending power. Markets wager the current cash rate of 3.35 per cent could peak as high as 4.10 per cent or 4.35 per cent, though the upside risk was tempered a little by a surprisingly soft report on wages.

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