Firms’ March investment cuts less than expected; capex plans delayed, cancelled

Summary: Private capital expenditures down but better than expected; weakest since 2009; investment cuts on par with early-1990s recession. Australia’s capital expenditure (capex) slump was thought to be coming to an end as investment in the mining sector reverted back to its long-term mean after a spike early in the decade. Total investment had begun to grow again, driven by investment in the services sector. However, contractions in recent quarters...

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