Data from greenfield investment monitor fDi Markets shows that between 2012 and November 2014, the UK has pumped an increasing amount of investment into Australia’s software and IT services sector. Total investment in this period stands at $229.4m, with 792 jobs created by 28 investing companies.
The data also shows that investment is coming from a range of source companies, with a large number of firms choosing to set up software and IT services facilities in Australia. The number of software and IT services projects from the UK into Australia increased from eight in 2012 to 10 in 2013 and reached 13 between January and November 2014. With data from the final month of the year still to come, this figure has already surpassed any previous year recorded since fDi Markets started collecting data in 2003.
Similarly, there was an increase in the number of jobs created by UK-based investment in Australian software and IT, rising 236.64% from 2012 to a total of 441 new jobs created in the recorded months for 2014. Capital expenditure also increased over the recorded time period. There was a decline from $86.8m in 2012 to $49.8m in 2013, before rising 86.34% to $92.8m in 2014.
The most popular states for investing between 2012 and 2014 were New South Wales and Victoria, which attracted a total of 14 and 10 projects, respectively. New South Wales attracted 51.61% of the total capital expenditure and 69.44% of the newly created jobs. The sub-sector to receive the highest level of investment was software publishers, with 17 companies investing $169m and creating 467 jobs in the sector.