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Market Update: Australia Q1 Business Investment Beats Estimates
Total new capital expenditure in Australia rose by 6.3 percent quarter-on-quarter in the three months to March 2021, after an upwardly revised 4.2 percent gain in the previous period and easily beating market consensus of a 2 percent growth. This was the largest increase in private capital spending in almost a decade, as businesses took advantage of tax breaks, with spending growing much faster for both building and structures (3.8 percent vs 1.6 percent in Q4) and equipment, plant, and machinery (9.1 percent vs 7.3 percent). Through the year to the first quarter, private capital expenditure grew by 0.8 percent. source: Australian Bureau of Statistics [/s2If]
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