© Reuters. Pedestrians walk in front of a crane and scaffolding on a construction site in central Sydney
SYDNEY (Reuters) – Australian corporate investment declined the most in the last quarter as the coronavirus lockdown forced companies to delay device purchases. However, future spending plans remained surprisingly intact in a hopeful sign of recovery.
During the June quarter, investments declined 5.9% to A $ 26.1 billion ($ 18.9 billion), on top of a downwardly revised 2.1% decrease in the March quarter, according to figures Australian Bureau of Statistics (ABS) on Thursday showed.
However, the result was far better than the market forecast for a slump of 8.4%.
Surprisingly, Australian companies were confident about the future. The latest estimate for the spending plans for 2020/21 was A $ 98.6 billion, up 8.9% from the previous estimate.
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