Australian software spending reaches $3.19 billion

Australian businesses invested a record $3.19 billion in software in the first quarter of 2014 as they sought efficiency gains, while productivity inched ahead, according to gross domestic product statistics released today by the Australian Bureau of Statistics.

Reflecting the rising importance of technology within the economy, the seasonally adjusted private computer software spend rose 1.9% in the first quarter, to be up 8.1% from a year earlier. The report also indicated that the IT spend has hit record levels for several quarters.

The ABS data shows national productivity, as measured by GDP/hour, grew 2.2% from a year earlier and rose just 0.2% over the quarter. The Australian economy grew 1.1% during the March quarter, to be up 3.5% from the March quarter in 2013.

Photo: Neil Willsey