Private Capex: Data Centres Continue to Drive New Capex

Australian private capex rose 6.5% qoq in 1Q2026, far exceeding expectations due to a massive 18.1% surge in machinery and equipment investment driven by data centre infrastructure.

Key Takeaways

• 1.Private capex in 1Q2026 increased by 6.5% qoq, significantly exceeding consensus and GS estimates.
• 2.The surge was driven by an 18.1% qoq increase in machinery and equipment investment, specifically for data centre infrastructure like server racks.
• 3.Forward-looking capex intentions for FY2027 were revised upward by 9.9% to A$173.4bn.

Table of Contents

• Key Numbers
• Main Points
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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