Australia business investment falls in Q1, outlook brighter
Friday, 30 May 2014
SYDNEY, May 29 (Reuters): Australian business investment fell again in the first quarter but spending plans for 2014/15 were revised higher, a positive for the economic outlook - a fillip for the local dollar.
Thursday's survey from the Australian Bureau of Statistics showed firms planned to spend A$137 billion ($126 billion) in the year to June 2015, more than the A$128 billion many analysts had hoped for, and ahead of the previous estimate of A$125 billion.
The main contributors to higher spending plans came from miners and some other selected industries, suggesting the shift to non-resources sectors is gaining traction while mining investment is not dropping off a cliff.