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Australia Q2 CapEx Up 3.3% On Quarter

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New capital spending by private sector businesses in Australia increased by 3.3 percent in the 2nd quarter of 2009, according to data published Thursday by the Australian Bureau of Statistics.

CapEx was up 4.4 percent from Q2 of the previous year.

The bureau said Q2 spending on buildings and equipment totaled A$24.07 billion, up from the Q1 total of A$23,31 billion.

The result came as a surprise to most economists, who on average had predicted CapEx to decline by 5.0 percent in Q2.

The Statistics Bureau's trend estimate for CapEx, which further smoothes the seasonally adjusted data, declined 0.6 percent on quarter.

(Market News Provided by RTTNews)

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