The positive QIII outcome for actual business capex bettered market expectations which centred on a fall of 1.2%. The3.6% rise in capex over the quarter was broad-based. Mining capex was up 4.0% while non-mining investment grew by3.0%. The data shows that mining investment is hovering around its peak, while there are tentative signs that the desiredlift in non-mining investment is beginning to occur. Despite picking up, manufacturing investment is weak as theprolonged effects of a strong domestic currency continue to bite.
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Commonwealth Bank