“Australian business investment slowed less than economists forecast last quarter as stronger mining spending outweighed a decline in manufacturing.
Capital spending gained 2.8 percent from the second quarter, when it rose 3.4 percent, the Bureau of Statistics said in Sydney today. That compares with the median forecast for a 2 percent gain in a Bloomberg News survey of 20 economists.
Reserve Bank of Australia Governor Glenn Stevens held the key interest rate at 3.25 percent this month, having cut the benchmark five times since embarking on a series of reductions in November 2011 as the country’s resource boom cools. He said in minutes of the meeting that “further easing may be appropriate.” While today’s report showed a rise in mining investment from July to September, a projection for the 12 months ending June 30, 2013, was 8.1 percent lower.”Comments »