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DECEMBER KEY POINTS ACTUAL EXPENDITURE (VOLUME TERMS)
EXPECTED EXPENDITURE (CURRENT TERMS)
NOTES FORTHCOMING ISSUES
CHANGES IN THIS ISSUE There are no changes in this issue.
BUILDINGS AND STRUCTURES The trend estimate for buildings and structures increased 5.1% in December quarter 2005, the growth rate slowing after two consecutive quarters of strong growth. In seasonally adjusted terms, the estimate increased 6.6%. The increase this quarter is driven by Mining, up 11.9%. EQUIPMENT, PLANT AND MACHINERY Trend estimates for equipment, plant and machinery have increased by 5.8% in December quarter 2005, the eighth consecutive rise. The December quarter estimate, in seasonally adjusted terms, rose strongly by 9.9%. Mining and Other selected industries rose 21.4% and 14.0% respectively, with Construction and Transport and storage industries being the main contributors in Other selected industries. MINING The trend estimate for Mining increased by 12.7% in December quarter 2005, the fourth quarter of consecutive growth. The seasonally adjusted estimate increased 16.0%, maintaining the strong growth seen in the previous two quarters. Equipment, plant and machinery is the main contributor, with 21.4% seasonally adjusted growth and buildings and structures recording a 11.9% increase. MANUFACTURING Manufacturing trend estimate increased 4.2% in December quarter 2005, the seventh consecutive quarter of growth. In seasonally adjusted terms, the estimate fell 1.3% after experiencing very strong growth in September quarter 2005. Equipment, plant and machinery is the main contributor to the fall, down 3.0% in seasonally adjusted terms. OTHER SELECTED INDUSTRIES Trend estimate for Other selected industries increased 3.9% in December quarter 2005. In seasonally adjusted terms, Other selected industries rose strongly (11.4%) following a fall last quarter of 4.6%. The increase was mainly due to an increase in equipment, plant and machinery expenditure of 14.0%. ACTUAL AND EXPECTED NEW CAPITAL EXPENDITURE FINANCIAL YEARS AT CURRENT PRICES The graphs below show the seven estimates of actual and expected expenditure for each financial year. The estimates appearing below relate to data contained in tables 5 and 6. Advice about the application of realisation ratios to these estimates is in paragraphs 24 to 27 of the Explanatory Notes.
TOTAL CAPITAL EXPENDITURE The fifth estimate for 2005-06 is $67,307m which is 21.0% higher than the comparable estimate for 2004-05 and 6.4% higher than the fourth estimate for 2005-06. All industries recorded increases with Mining (8.7%) recording the largest increase. The first estimate for 2006-07 is 17.6% higher than the corresponding estimate for 2005-06. The increase was mainly driven by Mining, although most other industries also report higher expectations for next financial year. BUILDINGS AND STRUCTURES Estimate 5 for 2005-06 is 29.9% higher than Estimate 5 for 2004-05 and 5.0% higher than Estimate 4. All industries have increased since Estimate 4 for this financial year. Mining and Manufacturing recorded the strongest increases.
EQUIPMENT, PLANT AND MACHINERY The fifth estimate for 2005-06 is 16.0% higher than the comparable estimate for 2004-05 and 7.4% higher than Estimate 4 for 2005-06. Increases in Transport and storage, Manufacturing, and Property and business more than offset the lower estimate for Finance and insurance.
MINING Estimate 5 for 2005-06 has increased by 43.0% compared to Estimate 5 for the 2004-05 year and is 8.7% higher than Estimate 4 for this financial year. The Mining industry continues to have strong growth in expectations this quarter due to increased expectations for both equipment, plant and machinery and buildings and structures.
MANUFACTURING Estimate 5 is 20.6% higher than the comparable estimate for 2004-05 and 3.6% higher than Estimate 4 for 2005-06. The main contributor to growth in Estimate 5 was expenditure on equipment, plant and machinery (up 7.5%).
OTHER SELECTED INDUSTRIES Estimate 5 for 2005-06 is 13.5% above the corresponding estimate for 2004-05 and is 6.7% higher than Estimate 4 for this financial year. Equipment, plant and machinery is contributing to the majority of this growth, with Property and business services and Transport and storage showing increases on Estimate 4.
EXPERIMENTAL PROJECTED CAPITAL EXPENDITURE IN CURRENT PRICE TERMS PROJECTED CAPITAL EXPENDITURE SERIES The projected series below apply historical realisation ratios to contemporary expectations to convert these to quarterly figures. Trend estimates of resultant quarterly time series of actual and expected expenditure are produced.
BUILDINGS AND STRUCTURES In current price terms, trend estimates for buildings and structures have displayed sustained growth over the past three years. The expectations for the next eighteen months suggest a period of levelling in growth over the coming months, followed by steady growth for the 2006-07 financial year. EQUIPMENT, PLANT AND MACHINERY Current price trend estimates for equipment, plant and machinery, have shown strong growth since the beginning of the 2004-05 financial year. Expectations for the next eighteen months suggest a decline towards the end of the 2005-06 financial year. All major industry groups are projected to decline with the strongest decline coming from Mining which is projected to decline for the first three quarters of 2006 followed by a resumption of growth in the latter part of 2006-07. MINING Trend estimates for Mining have increased strongly since the September quarter of 2004. Estimates suggest a flattening of expenditure towards the end of the 2005-06 financial year followed by growth. Equipment, plant and machinery is expected to decline before increasing again from December quarter 2006. Strong growth for buildings and structures should flatten towards the end of the 2006-07 financial year. MANUFACTURING Manufacturing trend estimates have shown strong growth since the 2004-05 financial year. Expectations suggest expenditure has peaked and will fall for the remainder of this financial year, followed by a flattening of spending for 2006-07. Both asset groups are expecting a decline, with buildings and structures expecting growth from the March quarter 2007. OTHER SELECTED INDUSTRIES The current price estimate for Other selected industries have shown strong growth since March quarter 2005. Estimates suggest that growth is expected to peak toward the end of 2005-06 financial year, followed by a decline. Growth for buildings and structures will continue for the next eighteen months, while a decline in equipment, plant and machinery is expected from the September quarter of 2006, mainly driven by Transport and storage. Document Selection These documents will be presented in a new window.
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