Australia's capital expenditure declined unexpectedly in the first quarter as investment in both building and equipment plunged from a quarter ago, data showed Thursday.
Capital spending was down 4.7 percent sequentially, confounding expectations for a 0.5 percent rise. On a yearly basis, investment dipped 4.4 percent, the Australian Bureau of Statistics showed.
Companies plan to cut their investment for the fiscal year starting July 1. They forecast a 9.8 percent reduction in investment compared to 23.8 percent growth estimated for the previous fiscal.
Investment in building slipped 5.5 percent and that in plant and machinery decreased 3.3 percent in the first quarter.
A separate data from the statistical office showed that building approvals recovered strongly in April. The number of dwelling approvals in April grew 9.1 percent on a monthly basis, reversing last month's 5.5 percent fall. Compared to the previous year, dwelling approvals climbed 27.3 percent.
Housing affordability improvement continued in 2013, a report from the Housing Industry Association revealed today. The housing affordability index inched up by 1.2 percent in the March quarter to a level of 69.7. The index was 12.8 percent higher than twelve months earlier.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.