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1367.5 - Western Australian Statistical Indicators, Mar 2007  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 04/04/2007   
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Image: Investment and Finance INVESTMENT AND FINANCE


PRIVATE NEW CAPITAL EXPENDITURE

After peaking at $4,423 million in the June quarter 2006, business investment in Western Australia declined for the second successive quarter in December 2006, falling 2.9% or $128 million in trend chain volume terms. The decline was almost equally shared between falling investment on buildings and structures (down $68 million or 2.4%) and equipment, plant and machinery (down $61 million or 4.1%).

PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
Graph: Private New Capital Expenditure, Chain Volume Measures



In seasonally adjusted chain volume terms, after falling 17.6% ($846 million) to $3,974 million in the September quarter 2006, business investment in Western Australia recovered to $4,346 million (up 9.4% or $372 million) in the December quarter 2006. An industry breakdown of state private new capital expenditure is only available in original current price terms, and as a result, does not aggregate exactly to seasonally adjusted totals. However, much of the December quarter investment growth can be attributed to the mining industry, increasing $698 million or 24.5%, as well as significant contributions from other selected industries (including retail trade, property and business services and construction) (up $148 million or 14.9%) and manufacturing (up $94 million or 33.2%).


HOUSING FINANCE COMMITMENTS

The number of dwellings financed for owner occupation in Western Australia has continued to decline in each of the last eight months, from 9,616 commitments in May 2006 to 8,235 commitments in January 2007 in trend terms. Despite the fall, the rate of decline has slowed over the last four months, from -3.0% (-273 commitments) in September 2006 to -1.2% (-101 commitments) in January 2007.

HOUSING FINANCE COMMITMENTS, Number of dwellings financed
Graph: Housing Finance Commitments, Number of dwellings financed



Between May 2006 and January 2007, in original terms, the number of dwellings financed (owner occupation) by non-first home buyers fell by 2,982 (31.6%) or an average of 373 (3.9%) per month, while the number financed by first home buyers decreased by 521 (34.6%) or a monthly average of 65 (4.3%). In January 2007, there were 6,465 dwellings financed by non-first home buyers and 983 dwellings financed by first home buyers.


In trend terms, the total value of housing finance (owner occupation) in Western Australia fell in each month between August 2006 and January 2007 (a six month period). The value of housing finance peaked at $2,012 million in July 2006 and declined to $1,809 million in January 2007.


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