Summary: Private capital expenditures up 1.1% in December quarter; less than 2.5% expected; reflects capacity constraints, supply-chain disruptions; 2021/22 capex estimate 1.2% higher than November’s estimate, 16.0% higher than comparable estimate from 2020/21; 2021/22 capex expectations not as strong as expected, usual upgrades occur earlier. Australia’s private capital expenditure (capex) spiked early in the 2010s on the back of investment in the mining sector. As projects were completed, capex growth...