New South Wales Records Highest Level Of Capex For Third Straight Quarter

New South Wales Records Highest Level Of Capex For Third Straight Quarter

New South Wales Treasurer Dominic Perrottet

Strong New South Wales Attracts More Business Investment Than Any Other State

Victor P Taffa

Business investment is booming in New South Wales, with the state recording the highest level of private capital expenditure (capex) in the nation for a third straight quarter.

Private capex in New South Wales for the 2017 December Quarter reached $8.3 Billion the highest of any state according to the latest ABS data measuring total private sector investment in equipment, factories and other buildings.

Data shows private spending on equipment, plant and machinery for the quarter was $4.4 Billion, over $1 Billion more than Victoria, the next best state.

Results also show that in the past year investment in buildings and structures in New South Wales increased by 21 %, compared to an estimated 3 % fall in the rest of Australia.

New South Wales Treasurer Dominic Perrottet said the continued strength of business investment in New South Wales was a huge vote of confidence in the state’s future.

“For the last three quarters businesses have made New South Wales number one for investment, off the back of a strong economy and our Government’s massive infrastructure pipeline.” Treasurer Perrottet said.

“These businesses employ millions of people in New South Wales, and the strong run of investment shows that right now they are laying the foundations to create even more opportunity and more jobs for the people who live and work here.”

“You don’t invest on this scale unless you have confidence in the future, and I’m proud of the work our Government has done to turn New South Wales around and restore confidence in Australia’s number one state.” Treasurer Perrottet said.

Abbreviations

ABS                Australian Bureau of Statistics