The headline for the Australian Q3 Private Capital Expenditure came in at -4% against expectations for -3%

And behind the headlines, it didn't get much better (post is here for more)

Some responses coming in (and I'll get some more)

via Reuters:

  • miners and manufacturers cut back on spending
  • disappointing report
  • underlining real risk that the whole economy may have contracted
  • With spending on equipment and building declining, investment likely took another heavy toll on gross domestic product (GDP) which was already looking soft
  • The data was also a blow to the RBA hopes for a revival in investment outside of the hard-hit mining sector
  • Neither was the outlook much brighter with the latest survey estimate of planned investment for 2016/17 coming in well under expectations at $106.9 billion. Analysts had looked for something around A$111 billion

via the Financial Times (FastFT):

  • likely to take some of the shine off the upcoming GDP figure
  • Among industries, spending in mining continued to fall, down 7.2 per cent in seasonally-adjusted terms, manufacturing was down 4.9 per cent, while other selected industries saw a 1.9 per cent decline for the quarter.
  • The ABS's fourth estimate for spending in 2016-17 has come in at A$106.93bn, falling short of economists' expectations for A$110bn
  • Capex is a key component of GDP growth and one of the last main pieces of data before next week's 3Q GDP release

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ps. Australian Q3 GDP is due for release on December 7