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Private Capital Expenditure fell by 9.2%

Thursday, Nov 26 2015
Australian firms scaled back investment spending by 9.2% in the third quarter from the second, a much steeper drop than the 2.9% fall economists had been expecting. In the year through September, total new capital expenditure fell by 20.0%, according to the government statistician Thursday.
The report also showed that companies expect to invest A$120.4 billion in the current fiscal year, which is 20.9% lower than the corresponding estimate for the previous fiscal year.In the third quarter, spending on equipment, plants and machinery slumped by 8.2% from the second quarter, driven by a continuing drop in mining investment. Investment in buildings and structures fell by 9.8%.
 
Australia's economy continues to be met by a headwind of falling mining investment as a once in a century mining boom fades. The downturn in investment is expected to last for as long as another two years, leaving GDP growth sluggish. The central bank has cut interest rates to record levels to support growth in the non-mining economy.
 
Aussie is currently being traded around 0.7230 area. Pair is likely to find support around 0.72 handle and resistance above 0.7270 level. There will be no major data releases later today, with US banks being closed due to Thanksgiving.
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