Media release – Australian Bureau of Statistics (ABS), 29 February 2024
New capital expenditure up 0.8% in the December quarter
Private new capital expenditure (capex) rose 0.8 per cent in the December quarter 2023 (seasonally adjusted, chain volume measure) to be 7.9 per cent higher than a year ago, according to figures released today by the Australian Bureau of Statistics (ABS).
Robert Ewing, ABS head of business statistics, said: “Business investment grew in the mining and non-mining industries in the December quarter. Mining rose 1.1 per cent and non-mining was up 0.6 per cent.
“Electricity, gas, water, and waste services saw the largest rise of any industry, up 14.7 per cent. This was from increased investment in renewable energy infrastructure.”
Capex was up 1.5 per cent for new buildings and structures, while new equipment and machinery was down 0.1 per cent.
The increase in building and structure investments was also driven by the increased spending on renewable energy infrastructure in the electricity, gas, water, and waste services industry, up 17.5 per cent.
Ongoing investment in data centres also led to a strong rise in capex for the information media and telecommunications industry up 6.5 per cent.
Equipment and machinery capex was relatively flat. Non-mining investment fell 0.3 per cent, offset by a rise in mining of 1.0 per cent.
“While new investment in equipment and machinery was flat in December quarter, it remains at a high level. Compared to the December quarter 2022, capex is up 6.4 per cent following strong growth in vehicles, particularly in the construction industry,” Mr Ewing said.
Queensland had the largest rise of the states and territories, up 9.3 per cent in the December quarter. This was offset by a large fall in South Australia, down 17.4 per cent.
Figures released today also include updated expectations of planned capex for the financial year. Businesses revised up their expected capex spend by 4.0 per cent (in current prices) since the last estimate three months ago.
This release also holds the first estimate for planned capex for 2024-25, which was up 12.6 per cent on the first estimate for 2023-24.
“The rise in planned capital investment shows that businesses expect continued growth in new capital expenditure for the next financial year.
“The information media and telecommunications industry predict a large rise, based on planned investment in new data centres.
“The electricity, gas, water, and waste services industry also expect a very strong rise again from planned investment in renewable energy infrastructure,” Mr Ewing said.
More detailed industry and state analysis and further information on the statistical methodology is available in New Capital Expenditure (cat no. 5625.0).
The ABS gratefully acknowledges the contributions of businesses across Australia in providing the data for this release.
Media release – Shane Broad, Shadow Treasurer, 29 February 2024
Business investment plummets after 10 years of Liberals
New data from the Australian Bureau of Statistics shows the damage from 10 years of Liberal government, with business investment in Tasmania plummeting.
The figures show business investment has fallen 14.7 per cent over the past year – the biggest decline in the nation.
This is just the latest in a string of bad news for Tasmania’s economy.
Yesterday, Treasury changed its forecasts to show hundreds of job losses on the horizon.
And, after inheriting a state completely free of net debt, the Treasury report outlines that on a per capita basis Tasmania’s total government debt is now “the second highest level of all states, with only Victoria higher.
That was on top of ABS data showing more than 3,000 jobs have been lost over the past year in Tasmania, and the recent closure of the Avebury Mine and the Betta plant in Burnie.
We also have the worst unemployment rate in the country, with youth unemployment at an alarming 15.6 per cent – also by far the worst in the country.
If the Liberals haven’t fixed it in 10 years, we cannot risk giving them 14 years.
It’s time for a better future under a Rebecca White Labor Government.
Media release – Michael Ferguson, Deputy Premier, Treasurer, Minister for Infrastructure and Transport, Minister for Planning, Member for Bass, 29 February 2024
Retail Trade Hits A New Record In Tasmania
Nation-leading retail trade figures demonstrate the strength of the Tasmanian economy under the Rockliff Liberal Government.
Australian Bureau of Statistics data released today shows retail trade in Tasmania grew at the strongest rate of all states and territories in January 2024, and experienced the highest growth rate in the country over the last year at 2.9 per cent, compared to a national average of 1.3 per cent.
These statistics demonstrate the confidence in our economy, contrary to Labor’s constant efforts to talk Tasmania down, with consumers out and about and taking advantage of what our great state has to offer.
In January 2024, retail trade topped $724 million in trend terms, which is the strongest month on record for Tasmanian retailers.
These outstanding results demonstrate the fact that Tasmania’s economy is strong and vibrant, and just how much is at stake under a Labor-led minority Government Coalition of Chaos.
The only way to protect business confidence and the future of our state is to re-elect a majority Liberal Government so that we can deliver on our 2030 Strong Plan for Tasmania’s future.
