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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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.