A weakening investment outlook for businesses

A modest quarterly uptick in capital expenditure in the non-mining sector suggests the economy is slowly rebalancing, but a deteriorating outlook for mining and manufacturing investment will weigh on growth.

According to Australian businesses, capital investment will fall sharply over the next year, led by an estimated 20 per cent decline in mining investment and continued weakness in the manufacturing sector. This will be partially offset by greater investment throughout the remainder of the economy, which continues to be supported by low interest rates.

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