Insights into public investment

Released

1/09/2021

Source

Australian National Accounts: National Income, Expenditure and Product, June 2021

In recent years, there have been record levels of public investment by Australian governments.¹ Despite the COVID-19 pandemic and associated lockdowns and restrictions, public investment continued to grow, reaching $29.2b in June quarter 2021, its highest level recorded in this series. Public investment accounted for 5.8% of GDP in the quarter. The key driver of growth was investment by state and local general government, reflecting increases in public infrastructure and non-dwelling construction projects across the country.

Figure 1: Quarterly public investment by sector, seasonally adjusted volume measures
	Total public capital ($b)	National general government ($b)	State and local general government ($b)	Public corporations ($b)
Jun-13	16.2	3.5	9.2	3.5
Sep-13	20.5	4.5	9.0	7.0
Dec-13	21.5	4.4	9.6	7.5
Mar-14	20.4	4.0	10.4	6.1
Jun-14	18.6	3.9	10.3	4.3
Sep-14	19.6	4.8	9.4	5.4
Dec-14	18.7	4.3	9.3	5.1
Mar-15	18.5	4.0	9.2	5.3
Jun-15	19.6	4.1	9.7	5.8
Sep-15	18.7	3.5	9.2	6.0
Dec-15	19.3	3.5	9.3	6.5
Mar-16	20.8	4.8	10.1	5.9
Jun-16	21.9	4.5	11.2	6.1
Sep-16	20.7	4.3	10.3	6.1
Dec-16	23.3	4.7	10.5	8.0
Mar-17	23.1	4.8	11.7	6.6
Jun-17	25.5	4.2	15.1	6.2
Sep-17	23.1	5.0	12.5	5.6
Dec-17	24.4	5.0	13.1	6.3
Mar-18	24.3	5.1	12.8	6.4
Jun-18	24.6	4.8	13.6	6.1
Sep-18	25.3	5.5	13.1	6.6
Dec-18	24.9	4.7	14.1	6.1
Mar-19	25.1	4.8	14.2	6.1
Jun-19	25.4	5.2	14.2	6.0
Sep-19	25.8	5.2	14.4	6.1
Dec-19	25.8	5.4	14.8	5.6
Mar-20	25.8	5.3	14.4	6.1
Jun-20	25.6	4.8	15.2	5.6
Sep-20	25.6	4.8	14.7	6.1
Dec-20	26.4	4.8	15.6	6.0
Mar-21	27.2	4.9	16.4	5.9
Jun-21	29.2	4.9	18.2	6.1

Figure 1: Quarterly public investment by sector, seasonally adjusted volume measures

["","Total public capital","National general government","State and local general government","Public corporations"]

[["Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21"],[[16.199999999999999],[20.5],[21.5],[20.399999999999999],[18.600000000000001],[19.600000000000001],[18.699999999999999],[18.5],[19.600000000000001],[18.699999999999999],[19.300000000000001],[20.800000000000001],[21.899999999999999],[20.699999999999999],[23.300000000000001],[23.100000000000001],[25.5],[23.100000000000001],[24.399999999999999],[24.300000000000001],[24.600000000000001],[25.300000000000001],[24.899999999999999],[25.100000000000001],[25.399999999999999],[25.800000000000001],[25.800000000000001],[25.800000000000001],[25.600000000000001],[25.600000000000001],[26.399999999999999],[27.199999999999999],[29.199999999999999]],[[3.5],[4.5],[4.4000000000000004],[4],[3.8999999999999999],[4.7999999999999998],[4.2999999999999998],[4],[4.0999999999999996],[3.5],[3.5],[4.7999999999999998],[4.5],[4.2999999999999998],[4.7000000000000002],[4.7999999999999998],[4.2000000000000002],[5],[5],[5.0999999999999996],[4.7999999999999998],[5.5],[4.7000000000000002],[4.7999999999999998],[5.2000000000000002],[5.2000000000000002],[5.4000000000000004],[5.2999999999999998],[4.7999999999999998],[4.7999999999999998],[4.7999999999999998],[4.9000000000000004],[4.9000000000000004]],[[9.1999999999999993],[9],[9.5999999999999996],[10.4],[10.300000000000001],[9.4000000000000004],[9.3000000000000007],[9.1999999999999993],[9.6999999999999993],[9.1999999999999993],[9.3000000000000007],[10.1],[11.199999999999999],[10.300000000000001],[10.5],[11.699999999999999],[15.1],[12.5],[13.1],[12.800000000000001],[13.6],[13.1],[14.1],[14.199999999999999],[14.199999999999999],[14.4],[14.800000000000001],[14.4],[15.199999999999999],[14.699999999999999],[15.6],[16.399999999999999],[18.199999999999999]],[[3.5],[7],[7.5],[6.0999999999999996],[4.2999999999999998],[5.4000000000000004],[5.0999999999999996],[5.2999999999999998],[5.7999999999999998],[6],[6.5],[5.9000000000000004],[6.0999999999999996],[6.0999999999999996],[8],[6.5999999999999996],[6.2000000000000002],[5.5999999999999996],[6.2999999999999998],[6.4000000000000004],[6.0999999999999996],[6.5999999999999996],[6.0999999999999996],[6.0999999999999996],[6],[6.0999999999999996],[5.5999999999999996],[6.0999999999999996],[5.5999999999999996],[6.0999999999999996],[6],[5.9000000000000004],[6.0999999999999996]]]

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New investment

State and local general government investment in new assets (which remove one-off impacts of asset sales, donations and other transfers), increased for six consecutive quarters and was the main contributor to quarterly public investment growth in the three most recent quarters (figure 2). Investment by public corporations and national general government were relatively subdued over the same period.

Figure 2: New assets contribution to quarterly growth in public investment by sector, seasonally adjusted volume measures
	Total public GFCF (ppt)	National general government (ppt)	State and local general government (ppt)	Public corporations (ppt)
Sep-20	2.4	0.2	0.8	1.4
Dec-20	2.4	0	2.4	0
Mar-21	3.3	0.2	3.6	-0.5
Jun-21	4.3	0.8	2.7	0.7

Figure 2: New assets contribution to quarterly growth in public investment by sector, seasonally adjusted volume measures

["","Total public GFCF","National general government","State and local general government","Public corporations"]

[["Sep-20","Dec-20","Mar-21","Jun-21"],[[2.3999999999999999],[2.3999999999999999],[3.2999999999999998],[4.2999999999999998]],[[0.20000000000000001],[0],[0.20000000000000001],[0.80000000000000004]],[[0.80000000000000004],[2.3999999999999999],[3.6000000000000001],[2.7000000000000002]],[[1.3999999999999999],[0],[-0.5],[0.69999999999999996]]]

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State and local general government new investment

Since 2016-17, State and local general government investment has grown faster than population in most states and territories. In 2020-21, total State and local general government investment rose to $2,406 per capita (figure 3).

In 2020-21, seven out of eight states recorded rises in investment per capita with Victoria and South Australia showing the largest increases. The Northern Territory had the highest level of investment per capita at $3,097 per capita which in part reflects their low population density. Investment per capita in New South Wales, Victoria, and Queensland are also above the level for all States, reflecting elevated levels of public sector projects in those states.

Figure 3: New state and local general government investment, per capita, seasonally adjusted volume measures
	2016-17 ($)	2017-18 ($)	2018-19 ($)	2019-20 ($)	2020-21 ($)
NSW	1,805	2,104	2,441	2,617	2,687
Vic.	1,543	1,976	1,995	2,008	2,450
Qld	1,781	1,955	2,207	2,383	2,509
SA	1,533	1,749	1,604	1,451	2,122
WA	1,732	1,645	1,566	1,543	1,549
Tas.	1,427	1,498	1,756	1,640	1,679
NT	3,816	3,644	3,945	3,349	3,097
ACT	2,463	2,673	2,309	1,933	2,086
Total S&L GG	1,734	1,982	2,128	2,195	2,406

Figure 3: New state and local general government investment, per capita, seasonally adjusted volume measures

["","2016-17","2017-18","2018-19","2019-20","2020-21"]

[["NSW","Vic.","Qld","SA","WA","Tas.","NT","ACT","Total S&L GG"],[[1805],[1543],[1781],[1533],[1732],[1427],[3816],[2463],[1734]],[[2104],[1976],[1955],[1749],[1645],[1498],[3644],[2673],[1982]],[[2441],[1995],[2207],[1604],[1566],[1756],[3945],[2309],[2128]],[[2617],[2008],[2383],[1451],[1543],[1640],[3349],[1933],[2195]],[[2687],[2450],[2509],[2122],[1549],[1679],[3097],[2086],[2406]]]

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State and local general government investment: asset breakdown

Increased investment by State and local general government was most evident in buildings and engineering construction, particularly in hospital, school, road, and rail projects.

In 2020-21:

Investment in new buildings increased 13.4%
Investment in new engineering construction increased 10.7%
Investment in new equipment increased 10.9%

Figure 4: Total new state and local general government investment, original current price measure
	2016-17 ($b)	2017-18 ($b)	2018-19 ($b)	2019-20 ($b)	2020-21 ($b)
Buildings	8.4	10.1	12.1	13.3	15.1
Engineering construction	23.0	27.4	30.4	33.1	36.6
Equipment	5.9	6.9	7.7	6.8	7.5
Other & used assets	7.9	6.0	5.4	6.1	6.2

Figure 4: Total new state and local general government investment, original current price measure

["","2016-17","2017-18","2018-19","2019-20","2020-21"]

[["Buildings","Engineering construction","Equipment","Other & used assets"],[[8.4000000000000004],[23],[5.9000000000000004],[7.9000000000000004]],[[10.1],[27.399999999999999],[6.9000000000000004],[6]],[[12.1],[30.399999999999999],[7.7000000000000002],[5.4000000000000004]],[[13.300000000000001],[33.100000000000001],[6.7999999999999998],[6.0999999999999996]],[[15.1],[36.600000000000001],[7.5],[6.2000000000000002]]]

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Other data sources: Public new engineering construction by type of construction

Additional insights into the composition of public investment can be seen in the ABS Construction Work Done publication. This includes engineering construction work done split by construction type.

In 2020-21:

Roads, highways, and bridges had the largest proportion (34%) of public engineering construction investment.
Railways had the second highest proportion (26%).

Figure 5: Public engineering and construction investment commodity classification proportions
	Roads, highways and bridges (%)	Railways (%)	Water and sewerage (%)	Other engineering construction (%)	Electricity generation, transmission and distribution (%)	Telecommunications (%)
2020-21	34.4	25.8	13.7	9.8	9.3	7.0

Figure 5: Public engineering and construction investment commodity classification proportions

["","Roads, highways and bridges","Railways","Water and sewerage","Other engineering construction","Electricity generation, transmission and distribution","Telecommunications"]

[["2020-21"],[[34.399999999999999]],[[25.800000000000001]],[[13.699999999999999]],[[9.8000000000000007]],[[9.3000000000000007]],[[7]]]

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Future investment

There is a significant amount of public investment work in the pipeline that is expected to continue to contribute to GDP growth, as shown by public sector construction work yet to be done (figure 6). Public sector building approvals are also reliable indicators for tracking future public investment in the National Accounts (figure 7).

In March quarter 2021, public sector engineering construction work yet to be done increased 4.1% and is at its highest level ever at $35b.²

Figure 6: Total public sector work yet to be done in engineering construction, original current price measure
	Public engineering construction work yet to be done ($b)
Mar-01	4.3
Jun-01	3.8
Sep-01	4.3
Dec-01	4.0
Mar-02	4.1
Jun-02	3.4
Sep-02	5.2
Dec-02	4.5
Mar-03	4.1
Jun-03	3.4
Sep-03	4.8
Dec-03	4.6
Mar-04	4.6
Jun-04	4.3
Sep-04	5.9
Dec-04	5.8
Mar-05	6.3
Jun-05	5.8
Sep-05	6.0
Dec-05	6.3
Mar-06	6.4
Jun-06	5.9
Sep-06	6.5
Dec-06	8.1
Mar-07	10.0
Jun-07	10.8
Sep-07	13.0
Dec-07	13.8
Mar-08	15.3
Jun-08	13.6
Sep-08	16.6
Dec-08	15.3
Mar-09	14.2
Jun-09	14.2
Sep-09	16.8
Dec-09	15.7
Mar-10	15.1
Jun-10	16.3
Sep-10	17.0
Dec-10	18.7
Mar-11	16.9
Jun-11	16.1
Sep-11	15.6
Dec-11	17.1
Mar-12	17.8
Jun-12	17.5
Sep-12	17.8
Dec-12	18.1
Mar-13	16.5
Jun-13	13.1
Sep-13	14.6
Dec-13	13.7
Mar-14	12.3
Jun-14	11.5
Sep-14	13.0
Dec-14	12.9
Mar-15	11.9
Jun-15	11.7
Sep-15	13.2
Dec-15	15.2
Mar-16	18.0
Jun-16	19.5
Sep-16	22.1
Dec-16	25.4
Mar-17	25.8
Jun-17	24.6
Sep-17	24.4
Dec-17	22.1
Mar-18	28.6
Jun-18	27.1
Sep-18	25.1
Dec-18	23.2
Mar-19	23.2
Jun-19	23.8
Sep-19	28.0
Dec-19	28.0
Mar-20	32.8
Jun-20	30.4
Sep-20	30.5
Dec-20	33.8
Mar-21	35.2

Figure 6: Total public sector work yet to be done in engineering construction, original current price measure

["","Public engineering construction work yet to be done"]

[["Mar-01","Jun-01","Sep-01","Dec-01","Mar-02","Jun-02","Sep-02","Dec-02","Mar-03","Jun-03","Sep-03","Dec-03","Mar-04","Jun-04","Sep-04","Dec-04","Mar-05","Jun-05","Sep-05","Dec-05","Mar-06","Jun-06","Sep-06","Dec-06","Mar-07","Jun-07","Sep-07","Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21"],[[4.2999999999999998],[3.7999999999999998],[4.2999999999999998],[4],[4.0999999999999996],[3.3999999999999999],[5.2000000000000002],[4.5],[4.0999999999999996],[3.3999999999999999],[4.7999999999999998],[4.5999999999999996],[4.5999999999999996],[4.2999999999999998],[5.9000000000000004],[5.7999999999999998],[6.2999999999999998],[5.7999999999999998],[6],[6.2999999999999998],[6.4000000000000004],[5.9000000000000004],[6.5],[8.0999999999999996],[10],[10.800000000000001],[13],[13.800000000000001],[15.300000000000001],[13.6],[16.600000000000001],[15.300000000000001],[14.199999999999999],[14.199999999999999],[16.800000000000001],[15.699999999999999],[15.1],[16.300000000000001],[17],[18.699999999999999],[16.899999999999999],[16.100000000000001],[15.6],[17.100000000000001],[17.800000000000001],[17.5],[17.800000000000001],[18.100000000000001],[16.5],[13.1],[14.6],[13.699999999999999],[12.300000000000001],[11.5],[13],[12.9],[11.9],[11.699999999999999],[13.199999999999999],[15.199999999999999],[18],[19.5],[22.100000000000001],[25.399999999999999],[25.800000000000001],[24.600000000000001],[24.399999999999999],[22.100000000000001],[28.600000000000001],[27.100000000000001],[25.100000000000001],[23.199999999999999],[23.199999999999999],[23.800000000000001],[28],[28],[32.799999999999997],[30.399999999999999],[30.5],[33.799999999999997],[35.200000000000003]]]

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In 2020-21, public sector building approvals increased 23.8% and is at its highest level since 2010.

Figure 7: Public sector building approvals* and total public investment in new buildings, original current price measure
	National accounts ($b)	Building approvals ($b)
Jun-01	1.9	0.9
Sep-01	1.4	1.1
Dec-01	1.5	1.0
Mar-02	1.3	0.9
Jun-02	2.1	1.4
Sep-02	1.4	0.8
Dec-02	1.6	1.3
Mar-03	1.4	1.1
Jun-03	2.1	1.0
Sep-03	1.4	0.9
Dec-03	1.5	1.3
Mar-04	1.5	1.1
Jun-04	2.3	1.3
Sep-04	1.5	1.1
Dec-04	1.7	1.2
Mar-05	1.7	1.4
Jun-05	2.4	1.3
Sep-05	1.9	1.6
Dec-05	2.1	1.7
Mar-06	1.9	1.4
Jun-06	2.3	2.6
Sep-06	2.2	1.5
Dec-06	2.6	1.6
Mar-07	2.0	1.9
Jun-07	3.0	1.5
Sep-07	2.0	2.0
Dec-07	2.8	1.8
Mar-08	2.4	2.1
Jun-08	3.3	2.5
Sep-08	3.1	4.3
Dec-08	3.5	2.0
Mar-09	2.8	3.2
Jun-09	3.6	3.5
Sep-09	4.4	9.1
Dec-09	5.5	7.8
Mar-10	5.4	4.1
Jun-10	6.8	2.9
Sep-10	5.1	3.1
Dec-10	5.7	2.5
Mar-11	4.7	3.7
Jun-11	6.4	2.0
Sep-11	4.0	2.9
Dec-11	5.0	2.5
Mar-12	4.0	1.4
Jun-12	5.4	2.9
Sep-12	3.4	2.1
Dec-12	4.0	2.4
Mar-13	3.5	2.4
Jun-13	4.5	2.7
Sep-13	3.2	2.5
Dec-13	3.9	2.8
Mar-14	3.3	2.3
Jun-14	4.6	1.6
Sep-14	3.0	2.1
Dec-14	3.5	2.4
Mar-15	3.0	1.4
Jun-15	4.8	1.9
Sep-15	2.8	2.8
Dec-15	3.3	2.9
Mar-16	2.8	2.2
Jun-16	4.4	3.0
Sep-16	3.0	2.9
Dec-16	3.6	2.1
Mar-17	3.1	3.0
Jun-17	5.0	3.2
Sep-17	3.3	3.6
Dec-17	4.1	3.6
Mar-18	3.6	3.6
Jun-18	5.5	2.8
Sep-18	3.8	2.4
Dec-18	5.1	3.4
Mar-19	4.3	2.9
Jun-19	5.8	3.6
Sep-19	4.5	4.6
Dec-19	5.4	4.6
Mar-20	4.5	4.8
Jun-20	5.7	3.7
Sep-20	4.2	4.9
Dec-20	5.5	5.0
Mar-21	4.9	6.5
Jun-21	7.0	5.6

Figure 7: Public sector building approvals* and total public investment in new buildings, original current price measure

["","National accounts","Building approvals"]

[["Jun-01","Sep-01","Dec-01","Mar-02","Jun-02","Sep-02","Dec-02","Mar-03","Jun-03","Sep-03","Dec-03","Mar-04","Jun-04","Sep-04","Dec-04","Mar-05","Jun-05","Sep-05","Dec-05","Mar-06","Jun-06","Sep-06","Dec-06","Mar-07","Jun-07","Sep-07","Dec-07","Mar-08","Jun-08","Sep-08","Dec-08","Mar-09","Jun-09","Sep-09","Dec-09","Mar-10","Jun-10","Sep-10","Dec-10","Mar-11","Jun-11","Sep-11","Dec-11","Mar-12","Jun-12","Sep-12","Dec-12","Mar-13","Jun-13","Sep-13","Dec-13","Mar-14","Jun-14","Sep-14","Dec-14","Mar-15","Jun-15","Sep-15","Dec-15","Mar-16","Jun-16","Sep-16","Dec-16","Mar-17","Jun-17","Sep-17","Dec-17","Mar-18","Jun-18","Sep-18","Dec-18","Mar-19","Jun-19","Sep-19","Dec-19","Mar-20","Jun-20","Sep-20","Dec-20","Mar-21","Jun-21"],[[1.8999999999999999],[1.3999999999999999],[1.5],[1.3],[2.1000000000000001],[1.3999999999999999],[1.6000000000000001],[1.3999999999999999],[2.1000000000000001],[1.3999999999999999],[1.5],[1.5],[2.2999999999999998],[1.5],[1.7],[1.7],[2.3999999999999999],[1.8999999999999999],[2.1000000000000001],[1.8999999999999999],[2.2999999999999998],[2.2000000000000002],[2.6000000000000001],[2],[3],[2],[2.7999999999999998],[2.3999999999999999],[3.2999999999999998],[3.1000000000000001],[3.5],[2.7999999999999998],[3.6000000000000001],[4.4000000000000004],[5.5],[5.4000000000000004],[6.7999999999999998],[5.0999999999999996],[5.7000000000000002],[4.7000000000000002],[6.4000000000000004],[4],[5],[4],[5.4000000000000004],[3.3999999999999999],[4],[3.5],[4.5],[3.2000000000000002],[3.8999999999999999],[3.2999999999999998],[4.5999999999999996],[3],[3.5],[3],[4.7999999999999998],[2.7999999999999998],[3.2999999999999998],[2.7999999999999998],[4.4000000000000004],[3],[3.6000000000000001],[3.1000000000000001],[5],[3.2999999999999998],[4.0999999999999996],[3.6000000000000001],[5.5],[3.7999999999999998],[5.0999999999999996],[4.2999999999999998],[5.7999999999999998],[4.5],[5.4000000000000004],[4.5],[5.7000000000000002],[4.2000000000000002],[5.5],[4.9000000000000004],[7]],[[0.90000000000000002],[1.1000000000000001],[1],[0.90000000000000002],[1.3999999999999999],[0.80000000000000004],[1.3],[1.1000000000000001],[1],[0.90000000000000002],[1.3],[1.1000000000000001],[1.3],[1.1000000000000001],[1.2],[1.3999999999999999],[1.3],[1.6000000000000001],[1.7],[1.3999999999999999],[2.6000000000000001],[1.5],[1.6000000000000001],[1.8999999999999999],[1.5],[2],[1.8],[2.1000000000000001],[2.5],[4.2999999999999998],[2],[3.2000000000000002],[3.5],[9.0999999999999996],[7.7999999999999998],[4.0999999999999996],[2.8999999999999999],[3.1000000000000001],[2.5],[3.7000000000000002],[2],[2.8999999999999999],[2.5],[1.3999999999999999],[2.8999999999999999],[2.1000000000000001],[2.3999999999999999],[2.3999999999999999],[2.7000000000000002],[2.5],[2.7999999999999998],[2.2999999999999998],[1.6000000000000001],[2.1000000000000001],[2.3999999999999999],[1.3999999999999999],[1.8999999999999999],[2.7999999999999998],[2.8999999999999999],[2.2000000000000002],[3],[2.8999999999999999],[2.1000000000000001],[3],[3.2000000000000002],[3.6000000000000001],[3.6000000000000001],[3.6000000000000001],[2.7999999999999998],[2.3999999999999999],[3.3999999999999999],[2.8999999999999999],[3.6000000000000001],[4.5999999999999996],[4.5999999999999996],[4.7999999999999998],[3.7000000000000002],[4.9000000000000004],[5],[6.5],[5.5999999999999996]]]

[]

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*Building approvals data, the sum of the three relevant months for each quarter

Forward estimates reported in State and Territory Government budgets also indicate that growth in public investment across most states is expected to continue (figure 8). For 2021-22, State and Territory governments are estimating purchases in non-financial assets to increase 29% ($13b) driven by investment in Victoria and New South Wales

Figure 8: State and Territory budget estimates**
	Actuals, 2019-20 ($b)	Estimated actuals, 2020-21 ($b)	Budgeted, 2021-22 ($b)	Forward estimates, 2022-23 ($b)	Forward estimates, 2023-24 ($b)
NSW	18.1	18.7	21.7	22.2	19.8
Vic.	9.7	11.8	19.8	18.0	19.0
Qld	6.3	7.0	7.8	7.8	7.3
SA	2.5	2.7	3.4	3.5	4.1
WA*	2.6	3.3	3.5	2.9	2.6
Tas.	0.5	0.6	0.8	0.9	1.0
NT	0.7	0.9	1.2	1.1	0.9
ACT*	0.6	1.0	1.1	1.1	1.0

Figure 8: State and Territory budget estimates**

["","Actuals, 2019-20","Estimated actuals, 2020-21","Budgeted, 2021-22","Forward estimates, 2022-23","Forward estimates, 2023-24"]

[["NSW","Vic.","Qld","SA","WA*","Tas.","NT","ACT*"],[[18.100000000000001],[9.6999999999999993],[6.2999999999999998],[2.5],[2.6000000000000001],[0.5],[0.69999999999999996],[0.59999999999999998]],[[18.699999999999999],[11.800000000000001],[7],[2.7000000000000002],[3.2999999999999998],[0.59999999999999998],[0.90000000000000002],[1]],[[21.699999999999999],[19.800000000000001],[7.7999999999999998],[3.3999999999999999],[3.5],[0.80000000000000004],[1.2],[1.1000000000000001]],[[22.199999999999999],[18],[7.7999999999999998],[3.5],[2.8999999999999999],[0.90000000000000002],[1.1000000000000001],[1.1000000000000001]],[[19.800000000000001],[19],[7.2999999999999998],[4.0999999999999996],[2.6000000000000001],[1],[0.90000000000000002],[1]]]

[]

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*Estimates taken from latest publicly available budget information. For most states this is their 2021-22 budget. WA and ACT are based on their 2020-21 Mid-year financial projects statement.

** Budget and National Accounts investment estimates will not directly align due to conceptual differences between accounting and economic standards.

Footnotes

1. Public Investment is defined as Gross Fixed Capital Formation by General Government and Public Corporations.

2. The June quarter 21 Engineering Construction Activity publication will be released on the 29/09/21.

APA

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