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AUST INVESTMENT SPENDING SURPISINGLY WEAK IN DEC QTR: ECONOMISTS.
SYDNEY, March 1 Asia Pulse - Investment spending in the December quarter was surprisingly weak, suggesting some downside risk to next week's national accounts figures, economists say.
New private capital expenditure rose 1.0 per cent in real terms, seasonally adjusted, in the December quarter to $A18.082 billion ($US14.23 billion) at 2004/05 prices, from an upwardly revised $17.897 billion in the September quarter, the Australian Bureau of Statistics said.
The median market forecast was for a rise of five per cent.
"Investment spending in the quarter was surprising weak actually and it does suggest that a lot of those imports must have gone into boosting inventories rather than actual investment," Macquarie Bank senior economist Brian Redican said.
"At face value it suggests downside risk to GDP growth, but we suggest that will be captured in another segment of the national account."
Mr Redican said there is not need to overreact.
The fifth estimate of expenditure for 2006/07 is $74.385 billion, which is 9.2 per cent higher than the fifth estimate for 2005/06 and 5.2 per cent higher than estimate four.
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Source: HighBeam Research, AUST INVESTMENT SPENDING SURPISINGLY WEAK IN DEC QTR: ECONOMISTS.