Tim Toohey, head of Economics, Commodities and Strategy in Australia and New Zealand has given his perspectives on the recent capex report

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)