Australia's September quarter capex +3.6% v expected -1.2%. However, June quarter revised down to 1.6% from 4% Improvement in buildings and structures more than offset a decrease in equipment and plant. Mining investment was up 4%; services +3.1% and manufacturing +2.5% Survey of estimates for 2013/4 expenditure also look to be holding up reasonably well. The current estimate is up 3.2% on the June quarter survey.

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