Japan media are upbeat on Australia’s capex plans ahead

The Nikkei carry a quick comment on Australian Private Capital Expenditure data out earlier:

  • Australian business investment slipped in the third quarter as pandemic lockdowns shut many businesses, government data shows, though future spending plans proved resilient and a rapid recovery is expected now that most restrictions have been lifted. 
  • Capital expenditure fell a real 2.2% in the third quarter to 32.7 billion Australian dollars ($23.57 billion), in line with market forecasts of a 2% drop. 
  • Spending plans for the year to end June 2022 were upgraded to A$138.6 billion, above most analysts’ estimates.

Bolding is mine. The Nikkei would have eyed the upgrade to spending plans, shown in the final bar in this graph:

The Nikkei carry a quick comment on Australian Private Capital Expenditure data out earlier:I noted some local response bemoaning how far capex had dropped since the mining-boom glory years. Well, yeah. But the ‘olden days’ are long gone and we have to judge capex quite differently now. 

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