Australia business investment dips in Q1, drags on growth
SYDNEY, May 29 (Reuters) - Australian business investment dipped in the March quarter as gains in mining were offset by a pullback elsewhere, while a drop in equipment spending looked to have dragged on economic growth.
Data from the Australian Bureau of Statistics on Thursday showed private capital spending fell a real 0.1% in the first quarter from the previous quarter, when it rose a revised 0.2%. The market forecast had been for an increase of 0.5% in the March quarter.
Spending on buildings and structures rose 0.9%, while spending on plant and machinery fell 1.3%. An ABS survey of firms showed they planned to spend A$155.9 billion ($99.99 billion) in the fiscal year to June 2026, in line with analyst expectations.
($1 = 1.5591 Australian dollars)
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