SYDNEY: Australian business investment plunged by the most on record last quarter as firms slashed spending on plant and buildings, a surprisingly sharp blow to economic growth that sent the local dollar reeling.
Thursday's data showed investment dived 9.2 percent in the third quarter to A$31.4 billion, more than three times the market forecast and the fourth straight quarter of declines.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!