Businesses in Australia continue to invest
Article by Mozo
Businesses in Australia are continuing to invest their capital, according to new figures released by the government.
Firms, including those in the country's mining industry, have helped bolster investment growth, which climbed by 3.4 per cent in the second quarter of 2012.
In total, capital spending has increased by 24.7 per cent since the start of the year.
Stephen Walters, chief economist at JPMorgan, told Reuters: "The capital spending numbers were reasonably decent, better than the three per cent we were expecting, so that's pretty good for gross domestic product next week."
However, the Australian Chamber of Commerce and Industry released a new report earlier this month that showed that conditions for small businesses in the country continued to deteriorate in the second quarter of 2012 – despite signs that the economy was beginning to stabilise.
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