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Australia’s private new capex contracted for a second consecutive quarter in Q2, as a rise in machinery and equipment was more than offset by a drop in buildings and structures. It wasn’t all bad news, though, with mining recording its strongest quarterly result in five years, according to a report from ANZ Research.
Furthermore, businesses upgraded their 2019-20 capex intentions by more than anticipated, planning an annual increase of 10.7 percent.
Mining recorded its strongest quarterly capex growth in five years of 1.7 percent q/q and manufacturing bounced back from two quarters of decline, posting an 8.5 percent rise.
For 2019-20, capex plans were upgraded to AUD113 billion in Q2 from AUD99 billion in Q1. Part of this reflects the fact that businesses almost always upgrade their intentions at this time as the current financial year is underway.
Meanwhile, both non-mining (+6 percent) and mining firms (+20 percent) are planning stronger investment during 2019-20. Coal and iron ore investment continues to build while oil and gas capex is expected to bottom out soon, the report added.
