Australian Q1 capex data due today - preview 2

The Australian Q1 Capex is due today (the Survey of the Private New Capital Expenditure and Expected Expenditure (March quarter of 2017) )

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  Due from Australia at 0130GMT

  
  

This via Westpac.

• Business spending on capex contracted in each of the past four years, including a -15.5% for 2016, led lower by mining


• Perhaps surprisingly then, we expect a positive start to 2017, albeit a small one, forecasting a rise of 0.5% for Q1


• The mining investment drag has diminished and some businesses appear to be responding modestly to improved conditions: with incomes boosted by higher commodity prices; global growth having strengthened; and the domestic economy having emerged from the mid-2016 slowdown


• Building & structures is expected to be flat in Q1, after a 25% fall in 2016. The Construction Work (CW) survey was +1.2% for Q1, but we"re mindful that the capex at times undershoots CW


• Equipment spend is forecast to rise by 1.2%, after a Q4 result of 0.4%qtr, 1.5%yr, with gains expected in mining and services

I bolded a few bits and pieces above.

Note, WPAC looking for

• a "headline" of "a rise of 0.5% for Q1"


• Equipment spend is forecast to rise by 1.2%
  

Australian Q1 capex data due today - preview 2
Australian Q1 capex data due today - preview 2
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