Australia business investment dips in Q1, drags on growth
Tweet
Share
E-mail
Trams pass by Melbourne's city skyline in Australia's second-largest city, June 13, 2017. REUTERS/Jason Reed/File Photo
SYDNEY (Reuters) -Australian business investment dipped in the March quarter as gains in mining were offset by a pullback elsewhere, while a drop in equipment spending looked to have dragged on economic growth.
Data from the Australian Bureau of Statistics on Thursday showed private capital spending fell a real 0.1% in the first quarter from the previous quarter, when it rose a revised 0.2%. The market forecast had been for an increase of 0.5% in the March quarter.
Spending on buildings and structures rose 0.9%, while spending on plant and machinery fell 1.3%. An ABS survey of firms showed they planned to spend A$155.9 billion ($99.99 billion) in the fiscal year to June 2026, in line with analyst expectations.
($1 = 1.5591 Australian dollars)
(Reporting by Wayne Cole; Editing by Christopher Cushing)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Taiwan says its companies plan to invest another $20 billion in US
- US and Iran exchange attacks as lull in war appears over
- After over 200 days at sea, U.S. aircraft carrier arrives in Thailand
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
