Australian business is still showing a surprising reluctance to pull out the chequebook and invest. Private capital expenditure fell 2.5 per cent over the second quarter, a far weaker outcome that the 0.6 per cent expansion the market forecast. Over the year, capex has only edged up 0.4 per cent in the Australian Bureau of Statistics seasonally adjusted series. Investment was weak, particularly in new buildings and structures, with all the sectors — mining, manufacturing and "other' industries — spending less on construction. Spending on plant and machinery also fell. The better news in the figures was the ... (full story)