New capital expenditure falls 2.2%

Media Release

Released

29/08/2024

Source

Private New Capital Expenditure and Expected Expenditure, Australia, June 2024

Private new capital expenditure (capex) fell 2.2 per cent in the June quarter 2024, 0.3 per cent higher than June quarter 2023 (seasonally adjusted, chain volume measures), according to figures released today by the Australian Bureau of Statistics (ABS).

Robert Ewing, ABS head of business statistics, said: “Business investment fell 3.6 per cent in the non-mining industries. This was partly offset by a rise in mining capex, which was up 1.5 per cent after falling in the last quarter.”

Total Mining and Non-mining, Seasonally Adjusted, Chain Volume Measure
	Mining - Seasonal ($m)	Non Mining - Seasonal ($m)	Mining - Trend ($m)	Non Mining - Trend ($m)
Jun-04	3,500	14,866	3,662	14,769
Sep-04	3,917	14,967	3,675	15,449
Dec-04	3,704	16,854	3,754	16,145
Mar-05	3,929	16,416	4,020	16,720
Jun-05	4,554	17,234	4,622	17,421
Sep-05	5,723	18,211	5,622	18,250
Dec-05	6,590	19,684	6,829	18,941
Mar-06	7,935	18,913	7,705	19,191
Jun-06	8,360	18,944	7,947	19,047
Sep-06	7,307	19,303	7,794	18,806
Dec-06	7,786	18,211	7,827	18,893
Mar-07	8,292	20,648	8,269	20,484
Jun-07	9,002	21,408	8,740	20,892
Sep-07	8,856	20,796	8,972	21,293
Dec-07	9,220	21,828	9,315	21,497
Mar-08	9,888	21,899	9,944	21,801
Jun-08	10,971	21,842	10,865	22,248
Sep-08	11,577	23,026	11,813	22,806
Dec-08	12,547	23,469	12,293	23,006
Mar-09	12,330	22,320	11,961	22,776
Jun-09	10,795	23,555	11,116	22,531
Sep-09	10,264	21,828	10,457	22,713
Dec-09	10,556	23,755	10,449	22,943
Mar-10	11,090	22,954	11,090	22,659
Jun-10	11,701	21,849	11,897	22,147
Sep-10	13,195	21,645	12,591	22,124
Dec-10	13,052	23,138	13,252	22,977
Mar-11	14,426	24,337	14,825	23,881
Jun-11	17,048	24,019	17,425	24,255
Sep-11	21,837	24,694	20,623	24,284
Dec-11	22,783	24,161	23,952	24,144
Mar-12	27,057	24,089	26,901	23,766
Jun-12	29,875	22,709	28,991	23,065
Sep-12	29,230	22,485	29,693	22,293
Dec-12	29,384	21,613	29,086	21,664
Mar-13	28,056	21,296	28,621	21,400
Jun-13	28,433	21,246	28,541	21,314
Sep-13	28,920	21,769	28,208	21,392
Dec-13	27,192	21,116	27,473	21,441
Mar-14	25,087	21,951	26,423	21,784
Jun-14	25,785	22,170	25,435	22,691
Sep-14	24,401	24,027	24,470	23,597
Dec-14	23,054	24,315	23,204	23,880
Mar-15	21,784	22,992	21,443	23,542
Jun-15	19,667	23,311	19,656	23,079
Sep-15	17,214	22,218	18,043	22,468
Dec-15	17,400	22,903	16,434	22,886
Mar-16	14,560	23,400	14,623	23,206
Jun-16	12,366	23,364	12,806	23,278
Sep-16	11,555	23,025	11,549	23,195
Dec-16	11,263	23,248	11,110	23,322
Mar-17	10,872	23,877	10,912	23,761
Jun-17	10,723	24,289	10,731	24,380
Sep-17	10,639	25,021	10,579	24,999
Dec-17	10,351	25,568	10,422	25,461
Mar-18	10,243	25,847	10,173	25,819
Jun-18	9,859	25,915	9,835	26,201
Sep-18	9,402	26,802	9,439	26,643
Dec-18	9,133	27,364	9,098	27,294
Mar-19	8,892	27,138	9,013	27,077
Jun-19	9,103	26,405	9,106	26,497
Sep-19	9,447	25,791	9,257	25,912
Dec-19	9,183	25,191	9,383	25,063
Mar-20	9,522	24,282	9,439	23,878
Jun-20	9,479	21,986	9,403	22,603
Sep-20	9,305	21,671	9,320	22,326
Dec-20	9,145	22,957	9,286	23,136
Mar-21	9,520	24,504	9,415	24,358
Jun-21	9,668	25,408	9,671	25,141
Sep-21	9,909	25,237	9,997	25,381
Dec-21	10,393	25,248	10,371	25,225
Mar-22	10,644	25,163	10,598	25,111
Jun-22	10,742	25,088	10,522	25,307
Sep-22	10,103	25,909	10,371	25,814
Dec-22	10,359	26,670	10,416	26,703
Mar-23	10,903	27,436	10,751	27,605
Jun-23	11,061	28,667	11,224	28,097
Sep-23	11,630	28,054	11,491	28,417
Dec-23	11,650	28,311	11,505	28,632
Mar-24	11,184	29,556	11,402	28,834
Jun-24	11,349	28,485	11,252	28,988

Total Mining and Non-mining, Seasonally Adjusted, Chain Volume Measure

[""," Mining - Seasonal"," Non Mining - Seasonal","  Mining - Trend"," Non Mining - Trend"]

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Capex was down 3.8 per cent for buildings and structures, with the non-mining industries falling 7.7 per cent. New equipment and machinery fell 0.5 per cent.

“The drop in buildings and structures was caused by lower spending on major engineering projects and transport infrastructure projects and was partly offset by a rise in mining industry spending on buildings and structures, which was up 2.8 per cent after falling last quarter,” Mr Ewing said.

“Retail trade investment drove the fall in equipment and machinery capex, down 25.9 per cent. Both small and large retail businesses contributed to this fall, with some businesses telling us capex was down in response to economic conditions in the retail industry,” Mr Ewing said.

Victoria had the largest fall of the states and territories, down 4.1 percent. Northern Territory saw a rise of 23.5 per cent, reflecting higher mining capex.

Figures released today also include the final estimate of capex for 2023-24, which saw a rise of 10.2 per cent (current prices) compared to 2022-23.

This release also includes the third estimate for planned capex for 2024-25. Businesses revised their expected capex spend for 2024-25 to be up by 10.3 per cent since their last estimate.

“The manufacturing industry are expecting a major rise next year, with several large industrial projects ramping up investment,” Mr Ewing said.

More detailed industry and state analysis and further information on the statistical methodology is available in New Capital Expenditure (cat no. 5625.0).

The ABS gratefully acknowledges the contributions of businesses across Australia in providing the data for this release.

Media notes

New capital expenditure refers to the acquisition of new tangible assets and includes major improvements, alterations, and additions.
All statistical figures in this media release are in seasonally adjusted volume terms unless otherwise noted.
Seasonal adjustment is the process of estimating and removing seasonal effects to allow comparison of data for adjacent months. See methodology for more details.
When reporting ABS data, you must attribute the Australian Bureau of Statistics (or the ABS) as the source.
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New capital expenditure falls 2.2%

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