Australia Q3 Capital Expenditure Falls Unexpectedly

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New capital spending by private businesses in Australia decreased a seasonally adjusted 3.9% quarter-on-quarter to A$26.55 billion in the third quarter, after rising a revised 2.1% in the second quarter, the Australian Bureau of Statistics reported on Thursday. Economists had expected capital expenditure to rise 1%.

Capital spending on buildings & structures dropped 4.8% sequentially in the third quarter, while spending on equipment, plant & machinery slid 2.9%.

On a yearly basis, total new capital expenditure declined a seasonally adjusted 1.3%. Expenditure on equipment, plant & machinery slumped 8.1%, while spending on buildings & structures grew 6.5%.

New capital spending by private businesses in Australia decreased a seasonally adjusted 3.9% quarter-on-quarter to A$26.55 billion in the third quarter, after rising a revised 2.1% in the second quarter, the Australian Bureau of Statistics reported on Thursday. Economists had expected capital expenditure to rise 1%. (Market News Provided by RTTNews)