Business spending up

The Treasurer, Michael Aird, said private new capital expenditure data released today by the Australian Bureau of Statistics was another indication that Tasmania’s long‑term economic fundamentals are sound.
Private new capital expenditure in Tasmania increased by 36.7 per cent in the year to September 2008, to $1.17 billion.
“The Tasmanian increase in private new capital expenditure compares to a national increase of 12.5 per cent over the same period,” Mr Aird said.
“In the year to September 2008, expenditure on buildings and structures increased by $6 million (or 1.9 per cent).
“Expenditure on equipment, plant and machinery increased by $305 million (or 56.5 per cent) over the same period.
“This comes on the back of data released yesterday by the Australian Bureau of Statistics, which showed that the total value of construction work done in Tasmania during the year to September 2008 was a record high $2.06 billion, 5.3 per cent above the level of the previous year.
“Tasmania is not immune to global economic conditions and there will be economic and Budget impacts,” he said.
“But recent data clearly shows the underlying strength of Tasmania’s economy.
“We are well placed to weather the storm