Australia's total new capital expenditure unexpectedly rose by 1.1% quarter-on-quarter in the third quarter of 2024, surpassing market expectations of a 0.9% increase and recovering from a 2.2% decline in the previous quarter.
Australia private capex growth beats forecasts
This marked the second business investment expansion of the year, driven by higher spending on equipment, plant & machinery (1.1%), and buildings & structures (1.1%). The growth was primarily led by non-mining industries, which saw a 2.3% increase, though this was partially offset by a 1.9% drop in mining capital expenditure.
Regional figures
Regionally, New South Wales (3.6%) and Victoria (3.2%) posted the largest gains, while Tasmania (-20.5%) and the Northern Territory (-17.1%) experienced significant declines. On an annual basis, private capital expenditure increased by 1.0% through the year to September, following a revised 1.9% rise in the second quarter.
