Australia’s private new capital expenditure growth cooled markedly in the fourth quarter of 2025, with quarter‑over‑quarter expansion easing to 0.4%, down from a robust 6.4% in the previous quarter.
Data updated on 26 February 2026 show that after a strong third quarter of 2025, when private capex surged 6.4% compared with the second quarter, investment momentum moderated significantly heading into year‑end. On a quarter‑over‑quarter basis, the latest reading indicates that businesses continued to increase spending on new capital, but at a much slower pace than earlier in the year.
The comparison highlights a clear deceleration: while Q3 2025 reflected a strong rebound in private investment, Q4 2025 points to a more cautious stance from firms as they adjusted capital plans relative to the prior quarter’s rapid expansion.
