FX.co ★ Australia Q4 Equipment Spending Reverses After Q3 Jump

Private new capital expenditure on equipment, plant, and machinery in Australia declined by 1.7% quarter-on-quarter in Q4 2025, reversing from a slightly revised 11.2% surge in Q3 and marking the first contraction in three quarters. The pullback points to a degree of normalization following the previous quarter’s unusually strong spike in spending, driven in part by record-high investment in data centres. By industry, mining-related equipment expenditure fell 0.8%. In contrast, non-mining investment continued to grow, rising 3.8% and helping to offset the overall decline. On an annual basis, investment in equipment, plant, and machinery rose 9.4%, edging down from a 9.9% increase in Q3 but still indicating robust underlying momentum in capital spending.