potential pipeline of major projects in Australia between 2014 and 2016 to A$280
bln from A$312 bln estimated in March. They've, however, upgraded their capital
expenditure projection for projects that are either committed to or already
under construction to A$180 bln from A$160 bln over the same period to reflect a
combination of cost increases and changes in the timing of capex of existing
resources projects, along with more certainty in relation to state government
infrastructure expenditure. One encouraging aspect is state governments'
signalling their intention to increase infrastructure investment, with a number
of large-scale projects earmarked to proceed, which should provide support to
activity from 2015 onwards, ANZ says. Another positive in the report is ANZ's
forecast that sharp rise in resource exports that will contribute 1%pt to GDP
growth annually in coming years.
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