SYDNEY, Nov 26 (Reuters) - Australian business investment fell by more than expected last quarter as coronavirus lockdowns forced firms to delay purchases of equipment, but future spending plans were upgraded in a hopeful sign of recovery.
During the September quarter, investment declined 3% to A$25.85 billion ($19.04 billion), adding to a hefty 5.9% fall in the June quarter, figures from the Australian Bureau of Statistics (ABS) showed on Thursday.
The outcome was far worse than market forecasts for a 1.5% decline.
In a welcome sign, Australian firms seemed confident about the future, with the latest estimate for spending plans for 2020/21 at nearly A$105 billion, 6.3% higher than the previous estimate.
($1 = 1.3578 Australian dollars)