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Tim Toohey, head of Economics, Commodities and Strategy in Australia and New Zealand has given his perspectives on the recent capex report. Capex for 2013/14 is now expected to decline by 5%, or $9 billion. The RBA's forecast for non-mining investment to fill the investment void has also been overly optimistic with a survey indicating that non-mining investment was expected to fall 0.6% and manufacturing investment expected to decline 9.6%. Combined with weak construction data, Toohey reaffirms his call for an interest rate cut in November. (VIEW LINK)



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