SYDNEY, Feb 25 (Reuters) - Australian business investment rose by a larger-than-expected 3% with spending in new buildings and equipment surprisingly picking up in a positive sign for the country's economy.
During the December quarter, investment rose 3% to A$29.4 billion ($23.44 billion), the first increase since end-2018 and the biggest since September 2013, figures from the Australian Bureau of Statistics (ABS) showed on Thursday.
Analysts in a Reuters poll had forecasts no change.
The unexpected increase was all due to non-mining activity, mostly construction, accommodation, food services and transport postal and warehousing led by demand for online shopping.
In a welcome sign, Australian firms seemed a little more confident about the future, with the latest estimate for spending plans for 2020/21 revised up to A$121.4 billion. ($1 = 1.2542 Australian dollars)