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Australia Capital Expenditure Dips 4.2% In Q1

Total new capital expenditure in Australia was down a seasonally adjusted 4.2 percent on quarter in the first quarter of 2014, the Australian Bureau of Statistics said on Thursday - coming in at A$37.076 billion.

That missed forecasts for a decline of 1.9 percent following the 5.2 percent drop in the fourth quarter.

On a yearly basis, total new capital expenditures were down 5.0 percent.

Capex for buildings and structures tumbled 7.4 percent on quarter and 2.5 percent on year to A$24.524 billion.

Capex for equipment, plant and machinery added 2.8 percent on quarter but dropped 9.6 percent on year to A$12.552 billion.

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