Mining slowdown dents business spend

A slowdown in the mining sector has contributed to an unexpected drop in business investment, new figures from the Australian Bureau of Statistics show.

According to ABS capital expenditure figures, which measure investment in new buildings and equipment, private investment fell 1.2 per cent in the last three months of 2012.

Despite the drop ABC News reports miners increased their investment on new structures by 2.9 per cent and spending on new plant, equipment, and machinery rose 2.5 per cent.

According to Bloomberg total investment in the mining sector for 2012-13 is projected at $105.1 billion compared with the $108.1 billion forecast three months earlier.

Looking to the future, the figures showed mining companies expected to spend $100.2 billion in 2013-14.

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