Fiji Times (Reuters) Tuesday 05 September 2017 SYDNEY – Australian business investment rose in the second quarter while companies upgraded their spending plans for the year ahead, reflecting a long-awaited and much-needed revival outside of mining.
Investment grew a seasonally adjusted 0.8 per cent in April-June to nearly $A28.3 billion ($F45b), data from the Australian Bureau of Statistics (ABS) showed on Thursday, beating expectations of a 0.3 per cent gain.
Importantly, spending on equipment, plant and machinery climbed 2.7 per cent and should add directly to economic growth in the second quarter.
Figures due next week are likely to show Australia’s $A1.7 trillion ($F2.7t) gross domestic product (GDP) expanded by about 0.7 per cent, up from a sluggish 0.3 per cent in the first quarter.
“The data shows finally a more convincing, stronger picture on the non-mining capex front. Read more…
