Technical Analysis

Australian private capital expenditure (September quarter 2022) -0.6% (expected +1.5%)

Australian Q3 2022 capex

The headline is -0.6% q/q

  • expected +1.5%, prior -0.3%


  • Building capex +0.5% q/q
  • Plant and machinery capex -1.6% q/q (this is not a positive sign, it was expected to bounce back)
  • Estimate 4 for 2022-23 is $155.7b. This is 5.6% higher than Estimate 3 for 2022-23

Via the Australian Bureau of Statistics, estimates of expenditure & actuals:

This graph leaves a bit to be desired, the labelling on the horizontal axis doesn’t have the years. Sure, we can figure it out but … why?

Anyway, the estimate (4 for 2022-23) is higher than the previously reported, but will it be realised. Plant and machinery capex (see above) disappointed, who’s to say this will not also?

AUD /USD little changed

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