Australia's Q1 business investment booms in boost to economy
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[SYDNEY] Australian business investment jumped by the most in almost a decade in the first quarter as businesses took advantage of tax breaks to buy new machinery, suggesting economic growth could also beat forecasts.
Thursday's figures from the Australian Bureau of Statistics showed capital expenditure rose a real 6.3 per cent in the March quarter, from the previous quarter, far above market forecasts of a 2.0 per cent increase.
Spending on plant and machinery surged 9.1 per cent, while investment in buildings rose 3.8 per cent.
Firms planned to invest A$113.6 billion (S$116.3 billion) in the year to June 2022, up from A$105.3 billion in the February report.
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
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
