Capital expenditure declines
This was a bit of a surprise.
Markets had expected capital expenditure investment in the private sector in the December quarter.
Instead, mining investment fell -0.6 per cent, and non-mining investment declined slightly by -0.1 per cent.
Overall, seasonally adjusted CapEx fell -0.2 per cent over the quarter.
Source: ABS
The first estimate for 2025/2026 capital expenditure plans was $148 billion - solid enough, but also arguably a bit disappointing when around $160 billion had seemed more likely.
Overall, it looks like business investment will weight a little on GDP for the fourth quarter of 2024.
This adds weight to the sense that the private sector of the economy is struggling gamely, while GDP is largely being held up by government spending and public sector activity.
James Foster stepped through all the key figures here.
