• Actual capital spending fell by 4.2% in QI and will make a small negative contribution to QI GDP growth.
• The all-important 2nd estimate of planned capex for 2014/15 came in better than expected and indicated that the transition from mining to non-mining led growth is underway.
• The ABS capex survey underestimates non-mining capex because it excludes some large non-mining sectors like health and education.
• Lending data for the excluded sectors has been rising noticeably over the past six months.
Read the full report: Economic Research
CAN