INVESTMENT AND FINANCE
PRIVATE NEW CAPITAL EXPENDITURE
The level of business investment (trend chain volume measures) in Western Australia rose to a record high of $5,182 million in the September quarter 2007, 1.4% ($73 million) higher than in the previous quarter. Growth in private new capital expenditure has slowed, however, since rising 6.6% ($302 million) in the March quarter 2007 - it was up 4.2% (up $206 million) in the June quarter 2007. In the September quarter, growth in business investment was shared almost equally between equipment, plant and machinery (up $37 million or 2.0%) and building and structures (up $30 million or 0.9%). Nationally, private new capital expenditure rose 1.2% in the September quarter 2007.
PRIVATE NEW CAPITAL EXPENDITURE, Chain volume measures
In original current price terms, Western Australia's private new capital expenditure rose 20.3% ($837 million) to $4,962 million through the year to September quarter 2007, almost entirely driven by mining industry investment (up $721 million or 25.3%). Increased investment was also recorded in other selected industries (up $85 million or 8.6%) and manufacturing (up $33 million or 11.7%).
HOUSING FINANCE COMMITMENTS
The number of dwellings financed for owner occupation (trend) in Western Australia decreased 4.3% (1,121 commitments) in the three months to October 2007, compared to the previous three month period. Since May 2007 (8,691), the number of dwellings financed has fallen for five successive months to 8,105 in October 2007.
In original terms, there were 24,916 dwellings financed in Western Australia in the three months to October 2007, 9.7% (2,670) less than in the previous three months. Dwellings financed by non-first home buyers accounted for the entire decline, falling 12.1% (2,823), while dwellings financed by first home buyers increased 3.6% (153).
HOUSING FINANCE COMMITMENTS, Number of dwellings financed
The total value of housing finance for owner occupation (original) in Western Australia decreased 10.7% ($720 million) in the three months to October 2007, compared to the previous three month period. The average loan size for first home buyers fell 1.7% ($4,300) and for non-first home buyers it fell 1.0% ($2,400). In the three months to October 2007, the average loan size for first home buyers ($241,800) was $1,800 higher than for non-first home buyers ($240,000).
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