AUD review

Quotes from RBC Capital Markets:

-AUD: Q4 capex fell 2.2% (cons -1.6%). Plans for 2014-15 were revised down slightly (around 7.5%). The first estimate for capex for 2015-16 adjusted to a drop of around 16%. Our Australian economists caution that the first estimates of capex for 2015-16 are subject to considerable revisions, but the details were poor.

-The key concern was the weak outlook for non-mining capex of -10% in 2015-16 (after an expected +7.7% this FY). This is probably broadly consistent with the RBA's liaison and recent cut to its forecasts for this component of growth.