Australia Q4 business investment rises 0.8% q/q

By Thomson Reuters Feb 28, 2024 | 6:47 PM

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)