Total capex fell by a seasonally adjusted 5.2% in the quarter alone.
The downward trend in total capital expenditure is now at last here and entrenched.
Note, in particular, the massive 17.4% drop in the Estimate 1 for 2014/15:
- "Estimate 1 for 2014-15 is $124,880m. This is 17.4% lower than Estimate 1 for 2013-14."
Market anticipate that the cash rate will remain stone dead flat for the next year.