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Australia's capex: Major headline miss, 4th estimate 15/16 at A$120bln

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - Australia's private capital expenditure (CAPEX) has come at -9.2% for Q3 vs -2.9% expected and -4% prior, while the 4th estimate of investment plans for 2015/16, with the survey conducted from Oct to early Nov, coming at A$120bln, in line with expectations and against 3rd estimate of A$115bln.

    The headline data is a major miss, while the forward-looking projection on investment comes as expected. With regards to Q3 building capex, it came at -9.8% QoQ (seasonally adjusted), while Plant and machinery capex stood at -8.2% QoQ (seasonally adjusted).

    SEPTEMBER KEY POINTS

    ACTUAL EXPENDITURE (VOLUME TERMS)

    The trend volume estimate for total new capital expenditure fell 6.5% in the September quarter 2015 while the seasonally adjusted estimate fell 9.2%.

    The trend volume estimate for buildings and structures fell 7.0% in the September quarter 2015 while the seasonally adjusted estimate fell 9.8%.

    The trend volume estimate for equipment, plant and machinery fell 4.7% in the September quarter 2015 while the seasonally adjusted estimate fell 8.2%.

    EXPECTED EXPENDITURE (CURRENT PRICE TERMS)

    This issue includes the fourth estimate (Estimate 4) for 2015-16.

    Estimate 4 for 2015-16 is $120,353m. This is 20.9% lower than Estimate 4 for 2014-15. Estimate 4 is 4.0% higher than Estimate 3 for 2015-16.

    See pages 7-10 for further commentary on expectations data.
    For more information, read our latest forex news.
     

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