ONLY CHARTS #220

Aus CAPEX, Aus GDP growth nowcast, Aus temp visa holders, Aus student visas, NZ payrolls, NZ business conditions, World data surprise

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1. Real private capex in Australia rose a solid +1.1% q/q in Q3. All of the increase was in non-mining capex, though this only partly retraced the decline in Q2.

There is still plenty of inflation in non-residential construction in Australia even though it has moderated from the peak.

2. Belt tightening in Australia’s mining industry amid lower commodity prices is weighing on actual and expected mining capital expenditure.