MARCH KEY FIGURES

		Mar Qtr 17	Dec Qtr 16 to Mar Qtr 17	Mar Qtr 16 to Mar Qtr 17
		$m	% change	% change
Trend estimates(a)
	Total new capital expenditure	27 752	-0.6	-9.8
	Buildings and structures	15 697	-0.2	-15.4
	Equipment, plant and machinery	12 069	-1.0	-1.2
Seasonally adjusted(a)
	Total new capital expenditure	27 969	0.3	-9.3
	Buildings and structures	15 836	0.7	-15.2
	Equipment, plant and machinery	12 133	-0.1	-0.1
(a) In volume terms

New Capital Expenditure, in volume terms

MARCH KEY POINTS


ACTUAL EXPENDITURE (VOLUME TERMS)

• The trend volume estimate for total new capital expenditure fell by 0.6% in the March quarter 2017 while the seasonally adjusted estimate rose by 0.3%.
• The trend volume estimate for buildings and structures fell by 0.2% in the March quarter 2017 while the seasonally adjusted estimate rose by 0.7%.
• The trend volume estimate for equipment, plant and machinery fell by 1.0% in the March quarter 2017 while the seasonally adjusted estimate fell by 0.1%.

EXPECTED EXPENDITURE (CURRENT PRICE TERMS)

• This issue includes the sixth estimate (Estimate 6) for 2016-17 and the second estimate (Estimate 2) for 2017-18.
• Estimate 6 for 2016-17 is $112,629m. This is 11.4% lower than Estimate 6 for 2015-16. Estimate 6 is 0.8% higher than Estimate 5 for 2016-17.
• Estimate 2 for 2017-18 is $85,436m. This is 6.4% lower than Estimate 2 for 2016-17. Estimate 2 is 5.2% higher than Estimate 1 for 2017-18.
• See pages 7-10 for further commentary on expectations data.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)	Release Date
June 2017	31 August 2017
Sept 2017	30 November 2017
December 2017	1 March 2018
March 2018	31 May 2018

CHANGES TO THIS ISSUE

This issue contains a feature article titled "The GFC Investment Tax Credit" which is based on the research undertaken by David Rodgers, Research Economist, Reserve Bank of Australia on secondment to the ABS. The article uses business-level data from the Australian Bureau of Statistics’ Survey of New Capital Expenditure, which underlies the Private New Capital Expenditure and Expected Expenditure release, to analyse the effects of an investment tax credit that was in force during the global financial crisis. The article is available on the ABS website <https://www.abs.gov.au>.


DATA NOTES

Mining projects tend to be complex in structure and comprise a number of different investment activities including exploration, engineering construction, plant and equipment and buildings. A feature article released in the March 2012 issue of Private New Capital Expenditure and Expected Expenditure, Australia (cat. no. 5625.0) provides a summary of the conceptual basis of the relevant ABS publications that measure investment in Australia, using a hypothetical mining project to illustrate how this investment is reflected in ABS data.


INQUIRIES

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