The Australian Bureau of Statistics released its private capital expenditure data on Thursday. Private capital expenditure in Australia dropped 4.4% in the first quarter, missing expectations for a 2.4% decline, after a 1.7% fall in the fourth quarter.

The fourth quarter's figure was revised up from a 2.2% decrease.

Capex for buildings and structures plunged 6.5% in the first quarter, while capital spending for equipment, plants and machinery fell 0.5%.

On a yearly basis, private capital expenditure in Australia declined 5.3%.