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In 2005-06, non-dwelling construction and machinery and equipment each represented around half of total GFCF. Figure 11.8 shows GFCF for different assets in machinery and equipment. The figure shows the bulk of investment is in motor vehicles and other transport equipment. This is consistent with data that shows above average growth in commercial vehicle sales (ABS 2007b) along with a significant increase in commercial aircraft investment (Qantas 2003-2006, Virgin 2005). A significant proportion of capital in this industry is leased, but is classified as a finance lease and therefore placed within Transport & storage capital inputs and not as an intermediate input. A significant proportion of commercial aircraft, motor vehicles and other transport equipment would be classified in this manner.
11.8 TRANSPORT & STORAGE MACHINERY AND EQUIPMENT GROSS FIXED CAPITAL FORMATION, Chain volume measure (a)
11.9 TRANSPORT & STORAGE, RENTAL PRICE WEIGHTS (a)
Figure 11.9 shows the rental price weights used to aggregate the component capital services series in respect of the Transport & storage industry. Since 2001-02 there has been an increase in the weight for other transport equipment. This increase reflects the fact that the prices of these types of assets have been falling over this period while the prices of the other assets have remained steady or have been increasing. In the user cost formulation used to model rental prices of assets, a relative decline in the price of an asset translates into a relative increase in its rental price.
Figure 11.10 shows the significant increase in the productive capital stock for both road vehicles and other transport equipment since 2001-02. Growth in the productive capital stock of non-dwelling construction has not changed significantly, despite the large increase in GFCF for this asset type.