Capital spending in Australia rises by 2.2% in Q4: Australian Bureau of Statistics

The total new capital expenditure in Australia for the three months ended December 2022 came in at 35,016 australian dollars, up by 2.2% quarter-on-quarter, the Australian Bureau of Statistics said on Thursday.

That beat widely reported market expectations for an increase of 1.3%, following the 0.6% contraction recorded in the previous three months ended in September 2022.

This was the steepest increase in private capital spending in a year, as investments in buildings and structures increased by 3.6% as against 2.2% in Q3 last year.

Further, expenditure on equipment, plant and machinery grew by 0.6% during the period under review, after falling by 1.6% in the September quarter.

On a yearly basis, building capex rose by 3.8% and spending on equipment was higher by 3.4%, and total capex was up 3.6%.

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