‘Two weeks after the budget, Australia’s economic outlook is bleak.
‘Mining as well as non-mining firms are planning to slash investment in the year ahead, cutting total investment spending by 21 per cent.
‘The Bureau of Statistics survey conducted in April and May is at odds with the budget forecast of a lift in non-mining investment.
‘The survey of chief financial officers shows mining firms expect to cut investment 34 per cent, manufacturing firms 24 per cent, and other firms 6.1 per cent.’