The capex data was a complete disaster.
There is no other way to look at it.
It simply reinforces the hole left by the mining boom is huge.
So huge that no amount of residential construction or consumer spending is likely to be able to fill the gap in the current environment.
Slower growth and more rate cuts will be on the table, which is why the Aussie dollar has fallen out bed.
There is no other way to look at it.
It simply reinforces the hole left by the mining boom is huge.
So huge that no amount of residential construction or consumer spending is likely to be able to fill the gap in the current environment.
Slower growth and more rate cuts will be on the table, which is why the Aussie dollar has fallen out bed.