Business Investment Figures Down for Second Consecutive Quarter

SharemarketThe Australian Bureau of Statistics is paying careful attention to recently released business investment figures. Big falls in mining investment have dragged down the overall figure for the second quarter in a row.

Other areas, like capital investment in buildings and equipment, were unable to reverse the 8.7% drop in mining investment. Manufacturing and some other industries bucked the trend, but weren’t able to offset the huge mining losses.

These figures will put further pressure on the RBA to maintain interest rates as the economy moves from a mining to non-mining base.

In fact, the figures were met with cautious optimism from economists around the country. Many of whom believe Australia’s reliance on the mining industry to be a false security, one we are best to minimise as soon as practicable.

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