The early reaction to the June quarter and 2015-16 investment figures from the Australian Bureau of Statistics yesterday was, unsurprisingly, all about how bad they were: investment was down a seasonally adjusted 5.4% in the June quarter (after March’s 5.2% fall was revised to a 5.4% fall), and a total of more than 17% over the 12 months to June 30. There was a lot of chat about how this was worse than forecast and how the numbers would drag down second quarter GDP growth in next Wednesday’s national accounts.

Then there were the planned investment figures, which are quarterly estimates of planned investment for the whole year: planned investment for the current 2016-17 financial year (in today’s third estimate from the ABS) was 9.1% below the third estimate for the 2015-16 financial year, though up 27% from the first estimate at the start of the year and up 15% from the second estimate in May.