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