BUSINESS INVESTMENT

In reply to Mr GRIFFITHS (Goyder) (26 June 2009).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations):

Business investment in South Australia was $9.3 billion in 2007-08.

Business investment at the national level was $182.4 billion in 2007-08.

Business investment at the national level recorded stronger growth than in South Australia over the period due to relatively stronger growth in new machinery and equipment and non-dwelling construction (primarily new engineering). To some extent this is due to the larger mining industries in Queensland and Western Australia. South Australia's mining industry is still in a relatively embryonic state with large amounts of mineral exploration but not yet as much mine development and production.

In 2007-08 South Australia's business investment was predominantly made up of new machinery and equipment (53 per cent), new building construction (19 per cent), and new engineering construction (18 per cent).

In 2007-08 national business investment was predominantly made up of new machinery and equipment (49 per cent), new building construction (23 per cent), and new engineering construction (21 per cent)

Business investment reached $10.3 billion in the year to the March quarter 2009—a record high and an increase of 9.5 per cent. Business investment data for the full financial year of 2008-09 is not yet available.