ONLY CHARTS #157

Aus CAPEX, Aus GDP nowcast, Aus temporary residents, Aus student visas, NZ business survey

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1. Real private capital expenditure in Australia fell 2.2% q/q in Q2 according to the CAPEX survey.

2. The weakness in Q2 capex was led by a 7.7% q/q fall in non-mining buildings & structures.

The 3.8% q/q fall in the capex survey measure of private non-residential construction is much weaker than the 0.3% q/q decline flagged by yesterday’s Construction Work Done release. The latter has had a closer relationship with the equivalent national accounts measure, hence we are inclined to discount the capex result.