With an election based around jobs and growth and a budget largely dependent on that growth delivering revenue, the government would have been looking for some good news from the capital expenditure figures.
Alas there is very little joy to behold with the sharp falls in investment continuing.
For those wanting good news, the best you can say is that things don’t look to be getting any worse and that maybe the outlook for the next 12 months in the non-mining sector might even be better than expected.
Three months ago when viewing the capital expenditure figures – which measure essentially business investment either in buildings, structures, machinery and equipment – economist Stephen Koukoulas tried to find some positives by suggesting they were “sort of unhorrible”.
This time round, there was no sense of coating the figures with any sugar. Koukoulas tweeted that they were “a shocker”.
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