As noted previously - and as I remember only too well from when I used to prepare the wretched things for the ABS myself - such capex reports rarely show a smooth result as expenditure often falls into periods that one might not previously have anticipated as projects can be mothballed, shelved, delayed, incur unexpected overruns or are brought 'live' again.
"Estimate 3 for 2013-14 is $159,236m. This is 11.2% lower than Estimate 3 for 2012-13."
As for the 'mining only' element of capex:
"Estimate 3 for Mining for 2013-14 is $102,843 million. This is 13.6% lower than the corresponding estimate for 2012-13."
And to show this graphically:
So...it's a capex report of two halves, as the old footie cliché goes.
The bad news is that there is very little sign of residential construction picking up strongly - in fact, there is close to no discernible sign of it picking up to date, with high land prices clearly representing a sticky prospect for developers.
Overall then, this is actually a capex report for the bears and the recession cheerleaders in Australia, of which there are a great many.
Future markets price in one further full interest rate cut at this juncture.
Lenders instead began insisting upon vast deposits as unemployment and mortgage defaults jumped, and thus the main beneficiaries in Britain were greedy buy-to-let landlords who scooped up properties at a discount as defaulters were evicted.
Interesting times ahead.