Private sector spending on property and equipment in South Australia has surged to a new record.
New data from the Australian Bureau of Statistics shows expenditure on private new capital in South Australia rose to a record $3.1 billion in the March quarter, on a seasonally adjusted basis.
The increase represents a 14.8 per cent increase on the same quarter in the previous year, ahead of the national average.
Private new capital expenditure refers to the acquisition of new tangible assets and includes major improvements, alterations, and additions.
The ABS survey of New Capital Expenditure covers private businesses in all industries except for agriculture, forestry and fishing, government administration and defence, superannuation funds, and those that do not employ.
As put by Tom Koutsantonis
These statistics confirm what we know, our state is the fastest growing in the country, and a significant component of that growth is being driven by the private sector.
We are pleased to see businesses investing in growth, which will deliver further jobs and wealth for our state.
Our Government continues to back business investment with a stable, pro-growth and productive agenda.
