Australia business investment dips in Q1, outlook sharply upgraded
Construction workers go about their day near scaffolding at a construction site in central Sydney, Australia, September 11, 2018. REUTERS/David Gray
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SYDNEY, May 26 (Reuters) – Australian business investment fell unexpectedly in the first quarter as floods and bottlenecks hit building work, though firms sharply lifted plans for spending in the year ahead in a boost to the economic outlook.
Data from the Australian Bureau of Statistics out on Thursday showed private capital spending dipped a real 0.9% in the March quarter, from the previous quarter, missing forecasts of a 1.5% increase.
Spending on buildings fell 1.7%, offsetting a 1.2% rise in investment in plant and machinery which is important as this will directly contribute to economic growth in the quarter.
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Promisingly, firms upgraded spending plans for the…