Australia business investment bounces in Q4, outlook upgraded

View of a construction site for a train station on the Sydney Metro, Australia July 22, 2021. REUTERS/Sam Holmes

Q4 CAPEX +1.1% vs forecasts +2.6%
Spending plans for 2021/22 upgraded, solid for 2022/23
Q4 GDP still looking strong on consumption boom

SYDNEY, Feb 24 (Reuters) – Australian business investment bounced modestly last quarter as demand recovered from pandemic lockdowns and miners benefited from high resource prices, while future spending plans were again marked higher.

Figures from the Australian Bureau of Statistics on Thursday showed capital expenditure rose a real 1.1% in the December quarter to A$33.3 billion ($24.03 billion), though that missed market forecasts of a 2.6% increase.

Investment by miners climbed 2.5%, while other sectors lagged with a 0.5% increase.

Spending plans for the year to end-June…