Australia’s private new capital expenditure fell -0.1% QoQ (vs +0.5% QoQ expected) and -0.5% YoY in Q1 2025, driven by a decline in equipment investment despite growth in building-related spending.

• Equipment, plant & machinery capex declined -1.3% QoQ and -1.8% YoY.
• Buildings & structures capex rose 0.9% QoQ and 0.6% YoY.
• Mining sector capex increased 1.9% QoQ, while non-mining fell -0.9% QoQ.
• Estimate 2 for 2025–26 capex was revised up 5.6% to $155.9 billion from Estimate 1.