SYDNEY, May 28 (Reuters) – Australian business investment boomed in the March quarter as firms ploughed yet more money into data centers, figures showed on Thursday, while companies also upgraded spending plans for coming months.
The Australian Bureau of Statistics reported private capital spending climbed 6.5% in the first quarter to an inflation-adjusted A$52.57 billion ($37.46 billion), dwarfing market forecasts of a 1.0% rise.
Spending on plant and machinery jumped 18.1% as firms invested in processing equipment for data centers, while spending on buildings and structures fell 3.8%. An ABS survey of firms showed they planned to spend A$173.4 billion in the year to June 2027, up from an initial A$158.4 billion.
($1 = 1.4035 Australian dollars)
(Reporting by Wayne Cole; Editing by Muralikumar Anantharaman)
