Australia’s third-quarter business investment declined, surprisingly resilient outlook

Australia’s third-quarter business investment declined, surprisingly resilient outlook

Register now for FREE unlimited access to reuters.com Spending plans for the year to end June 2022 were upgraded to A$138.6 billion, above most analysts’ estimates and a sign business confidence had weathered the disruptions well. Register

SYDNEY, Nov 25 (Reuters) – Australian business investment slipped in the third quarter as pandemic lockdowns shut many firms, though future spending plans proved surprisingly resilient and a rapid recovery is expected now that most restrictions have been lifted. Capex -2.2% q/q in Q3 vs forecasts of -2.0%Spending plans for 2021/22 beat expectations at A$138.6 blnQ3 GDP to shrink, but recovery underway as economy reopens

Figures from the Australian Bureau of Statistics out on Thursday showed capital expenditure fell a real 2.2% in the third quarter to A$32.7 billion ($23.57 billion), in line with market forecasts of a 2.0% drop. Register

Data on gross domestic product (GDP) due next week is expected to show a sharp contraction given stay-at-home rules in Sydney and Melbourne hammered consumption during the quarter. Yet with 86% of the adult population fully vaccinated, most restrictions are gone and spending has quickly ramped up as retailers count on a bumper Black Friday of sales this week. For the third quarter, most of the pullback in investment came in plant and machinery with the retail and education sectors particularly hard hit by the lockdowns.

“Construction, wholesale trade and transport, postal and warehousing led the way, reflecting the need to expand capacity to properly service the substantial shift to online retailing.” “It suggests that spending this financial year will be over 10% higher than fiscal 2021, comfortably outstripping the levels seen in the three years prior to the pandemic,” said Sarah Hunter, chief economist for BIS Oxford Economics.

The News Highlights

  • Australia’s third-quarter business investment declined, surprisingly resilient outlook
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Infinix Inbook X1 Laptop Launched in India: Price, Specifications and More
Infinix Inbook X1 Laptop Launched in India: Price, Specifications and More
The Inbook X1 laptops will have a 14-inch IPS display across variants with 330 nits of peak brightness. The laptop will be powered by Intel’s 10th generation ...
How Brazil is reforming a public fund to finance broadband expansion
China cuts promise of financing to Africa amid rising debt worries
Oya agreed that the cut in proposed finance signalled “concern about the ability of African countries to absorb that much debt”. Carlos Oya, an expert on ...
Target is often reported as the next PS5 refueling location
Target is often reported as the next PS5 refueling location
Getting a PS5 replenishment this time of year may be a pain, especially if you’ve already gone through a few and still haven’t gotten your hands on one. The ...
End of extra unemployment benefit and hiring companies |  The business
CloudTrucks raised $115 million Series B to help truck entrepreneurs manage their businesses – TechCrunch
“It’s not just a job of driving, but it’s everything else that people have to manage,” said Arodiogbu. “An increasing number of truck drivers just don’t want ...
The president of CD Projekt says it's "too early" to release Cyberpunk 2077 on Xbox Game Pass
The president of CD Projekt says it’s “too early” to release Cyberpunk 2077 on Xbox Game Pass
When asked about Cyberpunk 2077 being added to services like Game Pass, Kiciński said, “We always consider any business opportunity, but this kind of ...
Official and encrypted digital currency (CBDC) bill to be introduced at the winter session of Parliament
Official and encrypted digital currency (CBDC) bill to be introduced at the winter session of Parliament
“This is a risky area and not in a complete regulatory framework. We are not considering a ban on the advertisements, but we’ve been taking steps to caution ...
Target is often reported as the next PS5 refueling location
Target is often reported as the next PS5 refueling location
Getting a PS5 replenishment this time of year may be a pain, especially if you’ve already gone through a few and still haven’t gotten your hands on one. The ...
Google's Pixel Buds don't sell well on Cyber ​​​​Monday, which is why
Google’s Pixel Buds don’t sell well on Cyber ​​​​Monday, which is why
It does pose a question, though — why aren’t Google’s Pixel Buds A headphones selling well? If you’re an Android user, they are a great pair of earbuds that ...
Early Cyber ​​​​Monday saves $133 on LG UltraGear 240Hz gaming screen
Early Cyber ​​​​Monday saves $133 on LG UltraGear 240Hz gaming screen
The LG UltraGear 240Hz 27-inch is a solid gaming monitor for those who need a 1080p display with a 240Hz refresh rate and 1ms response time. It’s also Nvidia ...
Bitcoin bounces back after a brutal sale
Michael Saylor, business intelligence hopeful, analyzes Bitcoin on Fox Nation’s ‘Tucker Carlson Today’ show
“Bitcoin is the solution,” Saylor said. “Now, go back to the beginning, what is money? Well, an economy consists of goods, services, and property. You know, ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo