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Australia business investment bounces in Q4, outlook upgraded -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – View of the construction site for Sydney Metro’s train station, Australia. July 22, 2021. REUTERS/Sam Holmes

SYDNEY, (Reuters) – Australian business investment rebounded slightly last quarter due to recovery in demand from pandemic lockdowns. Miners benefited from the high resource prices and future spending plans were markedly higher.

The Australian Bureau of Statistics released figures on Thursday showing that capital expenditure increased by 1.1% during the December quarter, to A$33.3Billion ($24.03 Billion). This was in contrast with market expectations of an increase of 2.6%.

A$144.8 million was added to spending plans for the period ending in June 2022. It is a positive sign that the business has weathered any disruptions.

Analysts had expected A$120 billion. The 2022/23 estimate was A$116.7billion.

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