SYDNEY (Reuters) – Australian business investment rose to a fresh eight-year high in the December quarter thanks to further growth in the mining sector, while plans for future spending were upgraded in a boost for economic growth.
Data from the Australian Bureau of Statistics on Thursday showed private capital spending rose a real 0.8% in the fourth quarter from the previous quarter, led by a 1.1% increase in the mining sector.
Firms lifted spending plans for the fiscal year to June 2024 to A$177.7 billion ($115.4 billion), up 4% on the previous quarter. The ABS survey found firms planned to spend A$145.6 billion in 2024/25, though these early estimates tend to get revised up over time.
($1 = 1.5401 Australian dollars)
(Reporting by Wayne Cole; Editing by Jacqueline Wong)
