Australia business investment slips in Q3, outlook resilient
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[SYDNEY] Australian business investment slipped in the third quarter as pandemic lockdowns shut many firms, though future spending plans proved surprisingly resilient and a rapid recovery is expected now that most of the restrictions have been lifted.
Figures from the Australian Bureau of Statistics out on Thursday showed capital expenditure fell a real 2.2 per cent in the third quarter to A$32.7 billion (S$32.2 billion), in line with market forecasts of a 2.0 per cent drop.
Spending plans for the year to end June 2022 were upgraded to A$138.6 billion, above most analysts' estimates and a sign business confidence had weathered the disruptions well.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
