Australia business activity hits 8-yr high in Q4 of ’23

Australian business investment reached an eight-year high in the fourth quarter of 2023, driven by growth in the mining sector, Reuters reported on Thursday, citing data from the Australian Bureau of Statistics.

Private capital spending increased by 0.8 per cent in the fourth quarter, with the mining sector leading the way with a 1.1 per cent rise.

Firms also raised their spending plans for the fiscal year to June 2024 to A$177.7 billion ($115.4 billion), up four per cent from the previous quarter.

Early estimates for 2024/25 showed planned spending of A$145.6 billion, with the potential for upward revisions over time.