Gross fixed capital formation is the value of acquisitions less disposals of new or existing fixed assets. Assets consist of tangible or intangible assets that have come into existence as outputs from processes of production, and that are themselves used repeatedly or continuously in other processes of production over periods of time longer than one year.
In 2003-04, there was $2,596 million worth of private capital formation in Tasmania. This was $407 million more than in 2002-03. Of the $2,596 million private gross fixed capital formation in 2003-04, some $917 million (35.3%) was in dwellings, $867 million (33.4%) was in machinery and equipment and $400 million (15.4%) was in non-dwelling construction.
PRIVATE GROSS FIXED CAPITAL FORMATION, Tasmania(a)
|Machinery and equipment(b)|
|Intangible fixed assets|
|Ownership transfer costs|
|Total private gross fixed capital formation|
(a) Current prices.
(b) This estimate is derived from a quarterly national survey of business. The accuracy of this estimate for Tasmania is generally less accurate than those for larger states and is particularly prone to volatile movements.
Source: Australian National Accounts: State Accounts (cat. no. 5220.0).