The Nikkei released a quick commentary on Australian private investment spending data earlier:
- Australian business investment fell in the third quarter as pandemic shutdowns shut down many businesses, government data shows, however future spending plans have proven to be sound and a rapid recovery is expected now that most restrictions have been lifted.
- Capital spending fell 2.2% real in the third quarter to A $ 32.7 billion ($ 23.57 billion), in line with market forecasts of a 2% decline.
- Spending plans for the year ending June 2022 have been raised to A $ 138.6 billion, above most analysts’ estimates.
Boldness is mine. The Nikkei reportedly considered upgrading spending plans, shown in the last bar of this graph:
I noted a local reaction lamenting how much investment had fallen since the heyday of the mining boom. Well yeah. But the “old days” are long gone, and now we have to judge capital spending differently.
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