South Australian Private New Capital Expenditure Up 37 % Year To March 2019

South Australian Private New Capital Expenditure Up 37 % Year To March 2019

South Australia Treasurer Rob Lucas

Private New Capital Expenditure Up 37 % In Past Year Under Marshall Government

Victor P Taffa

Investors are returning to South Australia with enormous confidence, with latest ABS figures showing a 37% rise in private new capital expenditure in the past year under the Marshall Government.

37 % jump in real private new capital expenditure in the March 2019 quarter compared with the March 2018 quarter, is largely off the back of buildings and structures defying a national fall of 1.9 %.

Results follow another positive ANZ Stateometer report, released this week, which showed South Australia ‘was the only state to record an above-trend growth rate in the quarter and rising momentum from the last quarter of last year’.

It cited housing, with Adelaide house prices up 0.8 % over the year to March, the labour market and trade all positive influences.

Treasurer Rob Lucas welcomed the results as a sign of ‘growing business and investment confidence in South Australia’ as a result of the sensible policies of the Marshall Government, which were focussed on growing the economy and jobs.

“Our sensible reform agenda, designed to drive positive economic and jobs growth, is bearing fruit, with recent independent surveys showing a real shift in momentum, business confidence and investment.” Treasurer Lucas said.

“We welcome the 37 % rise in private new capital expenditure in the past year in South Australia, which we expect will have significant flow-on benefits.”

“In fact, South Australia was one of only three states to record a rise in capital expenditure in the March quarter showing we are punching well above our weight and investors once again feel confident in coming and spending their money here.” Treasurer Lucas said.

Abbreviation:

ABS                Australian Bureau of Statistics

ANZ                Australia and New Zealand Banking Group