SYDNEY, May 30 (Reuters) – Australian business
investment rose to a near nine-year high in the March quarter as
telecoms companies ramped up spending on data centres, while
plans for future investment were also upgraded in a boost for
the longer-term economic outlook.

Data from the Australian Bureau of Statistics on Thursday
showed private capital spending rose a real 1.0% in the first
quarter from the previous quarter, topping market forecasts of a
0.5% increase. Spending on plant and machinery jumped 3.3%,
outweighing a 0.9% drop in buildings and structures.

Firms lifted spending plans for the fiscal year to June 2024
to A$180.6 billion ($119.45 billion), up 2.5% on the previous
quarter. The ABS survey found firms planned to spend A$155.4
billion in 2024/25, 6.8% higher than the previous estimate.
(Reporting by Wayne Cole; Editing by Himani Sarkar)