Australia business investment dips in Q1, drags on growth

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)

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