SYDNEY, Feb 23 (Reuters) - Australian business
investment rose by more than expected in the December quarter
helped by a jump in spending on retail and accommodation, while
firms also had an upbeat outlook for spending in 2023/24.
Data from the Australian Bureau of Statistics on Thursday
showed private capital spending climbed a real 2.2% in the
December quarter from the previous quarter, beating forecasts of
a 1.3% increase.
Firms lifted spending plans for the current fiscal year to
June 2023 to A$158.7 billion ($108.12 billion), up 2.2% on the
previous quarter. The ABS also released its first estimate for
2023/24 which came in at A$129.7 billion, on the high side of
forecasts.
($1 = 1.4678 Australian dollars)
(Reporting by Wayne Cole
Editing by Shri Navaratnam)
Messaging: wayne.cole.thomsonreuters.com@reuters.net))
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