Australia business investment slips in Q3 as Covid-19 lockdowns shut firms

Australian business investment slipped in the third quarter as pandemic lockdowns shut many firms, though future spending plans proved surprisingly resilient and a rapid recovery is expected now that most restrictions have been lifted.

Figures from the Australian Bureau of Statistics out on Thursday showed capital expenditure fell a real 2.2% in the third quarter to A$32.7 billion ($23.57 billion), in line with market forecasts of a 2.0% drop.

Spending plans for the year to end June 2022 were upgraded to A$138.6 billion, above most analysts' estimates and a sign business confidence had weathered the disruptions well.

"It suggests that spending this financial