Three types of investment in New Zealand, Australia and the United States, and the OECD average, are represented here as a percentage of gross domestic product (GDP) in 2006. New Zealand’s investment in plant, machinery and equipment (PME) and in housing are very comparable with the international figures. But New Zealand’s investment in other business assets (excluding PME) is significantly lower than the OECD average, and dramatically lower than Australia’s. These business assets include such investments as buildings and transport. The level of business investment is one possible explanation for New Zealand’s lower productivity.