Australia business investment dips in Q3, outlook still solid

Australian business investment dipped unexpectedly in the third quarter as miners cut back on new equipment, though firms affirmed plans for solid spending in the year ahead.

Data from the Australian Bureau of Statistics on Thursday showed private capital spending fell a real 0.6% in the September quarter from the previous quarter, missing forecasts of a 1.5% increase.

Firms did, however, upgrade spending plans for the year to June 2023 to A$155.7 billion, up 5.6% on the previous estimate and in line with analyst expectations.