SYDNEY — Australian enterprise funding fell by probably the most in 4 years final quarter as coronavirus lockdowns pressured companies to delay purchases of kit, however future spending plans remained surprisingly intact in a hopeful signal of restoration.
Throughout the June quarter, funding declined 5.9% to A$26.1 billion ($18.9 billion) on prime of a downwardly revised 2.1% fall within the March quarter, figures from the Australian Bureau of Statistics (ABS) confirmed on Thursday.
Nevertheless, the end result was much better than market forecasts for an 8.4% stoop.
Surprisingly, Australian companies appeared assured concerning the future, with the most recent estimate for spending plans for 2020/21 at A$98.6 billion, 8.9% larger than the earlier estimate.
(Reporting by Swati Pandey; Modifying by Christian Schmollinger)