0305 GMT [Dow Jones] Australian economic data next week will show business investment detracted from first-quarter growth, NAB says. The peak of the mining-investment boom leaves Australia reliant on exports, consumption and dwelling investment, NAB economists say. Construction is expected to fall 2.7% and private new capital expenditure will fall 3%. More important will be second estimates for fiscal 2014-15 capex growth. First estimates saw plans for mining and manufacturing investment fall 20% to 25% for 2013-14. "We clearly need to see an upward revision to these numbers--in particular...to the nonmining estimates to help cover the anticipated falls in investment," the economists say. (david.rogers@wsj.com; Twitter: @DRWSJ)
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May 22, 2014 23:05 ET (03:05 GMT)
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