New capital expenditure rises 2.4%
Private new capital expenditure (capex) rose 2.4 per cent in the March quarter 2023, and was 6.3 per cent higher than the March quarter in 2022, according to figures released today by the Australian Bureau of Statistics (ABS).
Ben Dorber, ABS head of new capital expenditure statistics, said: “Today’s new capital expenditure publication covers business investments in new equipment, machinery, buildings and structures, and gives us important insights into Australian business’ future investment plans."
“For example, we saw this quarter that capex rose for mining and non-mining industries, as businesses increased investment in new equipment and machinery by 3.7 per cent and building and structures by 1.3 per cent.”
"The 3.7 per cent rise in new equipment and machinery was the largest quarterly rise since the March quarter in 2021."
Most industries recorded a rise in equipment capex spending, while a large fall in the construction industry (-23.1 per cent) partly offset the strong results seen elsewhere.
“The fall in construction businesses investing in new equipment and machinery follows a period of high investment in recent years and may demonstrate some of the impact from continued falls in building approvals. Construction businesses expectations for future investment, however, remain positive,” Mr Dorber said.
More detailed industry and state analysis and further information on the statistical methodology is available in New Capital Expenditure (cat no. 5625.0).
New capital expenditure refers to the acquisition of new tangible assets and includes major improvements, alterations, and additions.
All statistical figures in this media release are in seasonally adjusted volume terms.
Seasonal adjustment is the process of estimating and removing seasonal effects to allow comparison of data for adjacent months. See methodology for more details.
When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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