CAPEX up just 0.3% q/q as WA drags the figures down

Total actual private sector capital expenditure (CAPEX) in the first quarter was up just 0.3% q/q for a decline of 9.3% over the year (seasonally adjusted chain volume). But the falls are really all down to WA where actual CAPEX has tumbled 32.6% over the year. The only other state or territory to see a decline over the year was NSW (down 9.2%) while QLD was up 3.6% y/y.

When considering CAPEX intentions the data shows a continuing pattern of y/y declines, although the pace of that decline is slowing. The 6th (and penultimate) estimate for the 2016-17 year is down 11.4% from the same estimate a year earlier, but up 0.8% from estimate 5 of 2016-17. The 2nd estimate for 2017-18 was down 6.4% from the 2nd estimate the year before and up 5.2% from the 1st estimate for 2017-18.

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