Sydney, Aug 27 (IANS) Australian business investment fell by 4 percent in the June quarter, worse than the 2.5 percent market expectations, official figures released by the Australian Bureau of Statistics on Thursday show.
The figures cover new investment in capital goods, which includes such things as buildings and equipment, reported Xinhua.
Steep falls in mining related activity was to blame. Construction is down 10.9 percent while a 14.9 percent slide in mining equipment purchase didn’t help.
During the 2015-16 financial year, businesses collectively expect to invest 114.8 billion Australian dollars ($81.8 billion), which is 23.4 percent lower than the corresponding estimate made at the same time last year, the ABS said.
The final estimate for business investment in 2014-15 is 150.58 billion Australian dollars ($107.32 billion), which is 4.7 percent lower than investment in 2013-14.