In terms of the Capex expectations, compared with the same survey a year ago, firms are expecting to invest 12 per cent less in 2014-15 than 2013-14, which is remarkably weak given it is a nominal estimate (assume the price deflator is positive) and that the survey was conducted in April and early May, before the kerfuffle of the budget slammed consumer confidence.
I suppose if you waterboard the data long enough you can make is admit to anything – the non-mining and non-manufacturing sectors are looking better. And yes, the result is better than the market's forecasts, but that probably says more about the forecasting competence of the market than the numbers themselves.
For me, the hard data on Capex stink, no matter how much Chanel No. 5 some people are willing to spray on it.