The Australian Bureau of Statistics reported on Thursday that Australia recorded a seasonally adjusted capital expenditure increase of 0.8 percent in the fourth quarter of 2023, amounting to a total of A$40.061 billion. This uptick surpassed expectations of a 0.4 percent rise after a modestly adjusted increase of 0.3 percent in the previous three months, initially reported at 0.6 percent.
In terms of specific sectors, there was a 1.5 percent quarter-on-quarter increase in capital expenditure for buildings and structures, reaching A$21.712 billion. In contrast, capital expenditure for equipment, plants, and machinery saw a marginal decline of 0.1 percent, reducing to A$18.349 billion.
Looking at the annual comparison, overall capital expenditure accelerated, showing a 7.9 percent growth rate.
