Report published August 27, 2026
Data Centre Investment Shifts Onshore in Q2 2026: Commonwealth Bank Research
Source and citation context
- Report date
- August 27, 2026
- Analysis as of
- Not stated in source
Authors / editors: Harry Ottley, Lucinda Jerogin
Finvaulta summarizes Commonwealth Bank of Australia's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Australian private capex volumes fell 3.6% q/q in Q2 2026 (+10.7% y/y) as imported ICT equipment unwound after a surge in Q1, while building and structures capex rose 2.1% q/q. Despite headline quarterly softness, FY27 capex intentions were upgraded to $228.9bn (+9.0% y/y) backed by an extensive ~$150bn data centre pipeline.
Key Takeaways
- 1.Total capex volume fell 3.6% q/q in Q2 2026 (+10.7% y/y), missing market (+0.8%) and CBA (-0.2%) forecasts due to an ICT equipment pullback following a sharp Q1 surge.
- 2.Data centre capex shifted composition from imported computing equipment (-53.0% q/q) into physical onshore buildings and structures (+2.1% q/q), providing a higher direct positive contribution to domestic GDP.
- 3.Nominal capex intentions for FY27 (Estimate 3) were upgraded to $228.9bn (+9.0% vs FY26), primarily driven by ongoing data centre and non-mining structures investments.
Table of Contents
- Data centre investment shifts onshore in Q2 2026
- Capex in Q2 26
- 3rd estimate of 2026/27 intentions
- NOT INVESTMENT RESEARCH
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Report data
ICT CAPEX
| Metric | Estimate | Context |
|---|---|---|
| Private Capex Volume Growth | -3.6% | Quarter-on-quarter change in private capex volume in Australia |
| Private Capex Volume Growth (Annual) | 10.7% | Year-on-year growth in private capex volume |
| ICT Equipment Capex Growth | -53.0% | Drop in ICT equipment capex following a 199.6% surge in Q1 |
| Buildings & Structures Capex Growth | 2.1% | Quarter-on-quarter increase in buildings & structures investment |
| FY27 Nominal Capex Intentions (Estimate 3) | 228.9 AUD billion | Nominal capex plans for FY27 on a realisation-ratio basis (+9.0% vs FY26) |
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Authors / Editors
Reported Data Context
- Private Capex Volume Growth: -3.6 % (Q2 2026) · Source: ABS
- Private Capex Volume Growth (Annual): 10.7 % (Q2 2026 y/y) · Source: ABS
- ICT Equipment Capex Growth: -53.0 % (Q2 2026) · Source: ABS
- Buildings & Structures Capex Growth: 2.1 % (Q2 2026) · Source: ABS
- FY27 Nominal Capex Intentions (Estimate 3): 228.9 AUD billion (FY 2026/27) · Source: ABS