Financial News: Australia Capital Spending Climbs 2.2% In Q4

Australia Capital Spending Climbs 2.2% In Q4

02/22/2023 - 19:43:00 (RTTNews)

(RTTNews) - Private new capital expenditure was up a seasonally adjusted 2.2 percent on quarter in the fourth quarter of 2022, the Australian Bureau of Statistics said on Thursday - coming in at A$35.016 billion.

That beat expectations for an increase of 1.3 percent following the 0.6 percent contraction in the previous three months.

Capex for buildings and structures rose 3.6 percent on quarter to A$18.536 billion, while capex for equipment, plants and machinery added 0.6 percent to A$16.480 billion.

On a yearly basis, building capex gained 3.8 percent and equipment capex rose 3.4 percent, and total capex was up 3.6 percent.

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