Menu
Business

ABS data shows boom not over yet

OFFICIAL figures show mining companies are continuing to spend more on expansion, but a pull back is expected over coming months.

Bureau of Statistics capital expenditure figures show businesses across the economy spent 2.8 per cent more on new equipment and buildings in the September quarter than in the previous three month period.

Spending on buildings was up 1 per cent, while spending on equipment and machinery jumped 6.2 per cent.

The mining sector continued to drive the gains, with current spending on buildings up 1.5 per cent and purchases of equipment, plant and machinery up 9.5 per cent.

However, while actual spending is well up on last quarter and last year, future spending plans in the mining sector have been wound back, with the latest estimate for capital expenditure in the resources industry down 8.1 per cent on the previous one.

Read more at ABC news online.

Topics:  abs mining mining boom