Perhaps pre-empting that report, Mr Frydenberg conceded during parliamentary question time on Thursday the Australian economy is facing "significant global economic headwinds".

He said in the past six months the International Monetary Fund, the Organisation for Economic Cooperation and Development and the World Bank have all downgraded their global growth forecasts.

"In fact, global consumer confidence is now at its lowest level in four years. Global business confidence is at its lowest level since 2012," he said.

"It's more important than ever that ... we stick to our plan. We continue to invest in infrastructure and tax cuts and provide the opportunity to create more jobs."

But shadow treasurer Jim Chalmers said Mr Frydenberg's repeated claims the fundamentals of the Australian economy are strong are not backed by recent data.

"The Liberals' lack of an economic plan is leaving the Australian economy dangerously and unnecessarily exposed to turbulence in the global economy," Dr Chalmers said in a statement.

Australian business investment, which has been a weak spot in the nation's economic slowdown, is showing little sign of improvement.

Private business capital expenditure (capex) data for the September quarter released on Thursday, showed a further 0.2 per cent decline when economists were expecting a flat result.

In particular, the equipment, plant and machinery component of the report - which feeds directly into the GDP calculation - dropped 3.5 per cent.

Investment plans for the 2019/20 financial year were also downgraded.

"This latest capex survey update poses material downside risks to the forecasts of the RBA and the federal budget," Westpac senior economist Andrew Hanlan said in a note to clients.

Some economists have downgraded their September quarter economic growth forecast following Thursday's figures and after construction work data reported a day earlier declined for a fifth straight quarter.

Other recent data also showed retail spending was weak in the September quarter, despite the government's income tax cuts and interest rate reductions by the Reserve Bank.

Dr Chalmers also noted that Australian consumer confidence has fallen to a four-year low, unemployment is rising and wages remain stagnant.

At this stage, economists expect the annual economic growth rate will be only slightly above the sluggish 1.4 per cent rate achieved in the June quarter.

That was the slowest pace since the global financial crisis a decade ago.

Economists will finalise their growth forecasts after business, international trade and government spending data are released early next week.

Even so, economists are not expecting the Reserve Bank to cut the official cash rate again when its board meets on Tuesday and the day before the national accounts are released.

The cash rate already stands at a record low of 0.75 per cent.

But financial markets see a three-in-five chance of the Australian central bank cutting the cash rate to 0.5 per cent when its board returns from the summer recess in February.

Australian Associated Press