The insurance industry has pulled its financial head in, according to new statistics that show a slowdown in business spending by the sector. Results released by the Australian Bureau of Statistics indicate that business spending in 2001-2 nationally increased in the transport, mining and retail industries, but stayed down in insurance and finance. In fact, both sectors fell 22% to $2.5 billion. Compare that with transport, where spending rose by 57% to $4.8 billion.

Overall spending by businesses was up for the 2001-2 period, reaching $39.7 billion.