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1367.5 - Western Australian Statistical Indicators, Sep 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 08/10/2008   
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Investment and finance INVESTMENT AND FINANCE

PRIVATE NEW CAPITAL EXPENDITURE

In trend chain volume terms, private new capital expenditure in Western Australia rose by 3.5% ($196 million) to $5,761 million in the June quarter 2008, slightly lower than the growth of 3.9% ($211 million) in the previous quarter. The rise in the current quarter, was driven by investment in both equipment, plant and machinery (up 8.3% or $173 million) and buildings and structures (up 0.5% or $18 million). Western Australia's private new capital expenditure growth (3.5%) over this period was lower than the national growth of 4.1%.

PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
Graph: PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures


In original current price terms, Western Australia's private new capital expenditure rose 13.7% ($790 million) to $6,569 million through the year to June 2008, lower than the previous year of 17.7% ($840 million). The main driver of growth was the mining industry (up 30.0% or $1,154 million), while manufacturing (down 4.3% or $20 million) and other selected industries (down 23.4% or $344 million) recorded declines over the same period.


HOUSING FINANCE COMMITMENTS

The number of dwellings financed for owner occupation (trend) in Western Australia continued to decline from 8,754 commitments in May 2007 to 6,200 commitments in July 2008. In the last four quarters, the number of dwellings financed have decreased, down 3.7% (960 commitments), 2.4% (600 commitments), 10.2% (2,496 commitments) and 12.7% (2,791 commitments) for the October 2007, January 2008, April 2008 and July 2008 quarters respectively.

HOUSING FINANCE COMMITMENTS, Number of dwellings financed
Graph: HOUSING FINANCE COMMITMENTS, Number of dwellings financed


In the three months to July 2008, Western Australia's total value of finance for owner occupied housing (original) decreased by 3.1% ($162 million) to $5,000 million, compared with 8.5% ($478 million) in the previous three month period. The decline was attributable to the decrease in finance by non-first home buyers (down 5.0% or $212 million). In contrast, finance by first home buyers increased (up 5.6% or $51 million) in the three months to July 2008. Over the same period, the average loan size for first home buyers increased by 2.9% ($7,027) and for non-first home buyers by 1.7% ($4,017). The difference between the average loan size for first home buyers ($245,426) and non-first home buyers ($247,146) has narrowed, with first home buyers borrowing on average $1,720 less than the non-first home buyers .


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