Australian Business Investment Rose Last Quarter on Mining Plans
News from Bloomberg:

Australian business investment rose more than economists forecast in the second quarter as an increase by mining companies outpaced a decline in spending by manufacturers.

Capital expenditures gained 3.4 percent from the first three months of the year, when the figure rose a revised 7.7 percent, the Bureau of Statistics said in Sydney today. That compares with the median forecast for a 3 percent gain in a Bloomberg News survey of 17 economists.

Reserve Bank of Australia Governor Glenn Stevens said last week that policy makers are prepared to respond in the event the economy slows, predicting the nation’s mining investment boom has at least another year before easing. A pipeline of resource projects has driven up the nation’s currency and damaged manufacturing, retail and tourism industries, producing what policy makers have called a “two-speed” economy.

“The cap-ex picture will continue to be dominated by the two…………… continues on Bloomberg

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