Business appears to have shrugged off the impact of a cooling economy with a stronger-than-expected surge in investment towards the end of last year.
Private sector capital investment, or capex, for the three months to the end of the year rose by 2 per cent, a solid rebound from a disappointing fall in the third quarter. The solid outcome is one of the brighter bits of economic news lately, after weak construction, retail and wages figures recently.
The slowing construction sector will be buoyed by a fresh pipeline of work, with investment in building and structures up 3.2 per cent in the December quarter, despite the mining construction boom continuing to wind down. Investment in the important equipment, plant and machinery sector — which feeds directly into next week's GDP data — also edged up, although manufacturers cut their overall spending.
Stephen_Letts What matters is that CAPEX is spent in such a way that it makes Australia more sustainable, less oil dependent, less energy hungry. If this is not being done, CAPEX, will not only be lost but is counter-productive. If that CAPEX comes from debt it's even worse
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