Tractors and earthmovers top Aussie business shopping lists

Data released today by NAB shows businesses across Australia are purchasing new equipment and vehicles in record numbers as companies embrace the strongest market conditions seen in years.

Following a rough year when businesses across the globe were forced to pivot through the pandemic, Australian organisations are this year spending big on equipment and investing in their businesses.

Some of the biggest equipment purchases by Australian businesses, according to NAB, include:

Overall, NAB’s agricultural equipment finance sales are up 130 per cent YOY in 2020, demonstrating real strength across regional Australia. Industries such as manufacturing also saw a healthy increase of 130 per cent YOY.

NAB Executive Regional and Agribusiness, Julie Rynski, said customers were taking advantage of strong business conditions and confidence as well as the Government’s Instant Asset Write Off Scheme.

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“When businesses start purchasing equipment, it’s a real signal to us that farmers and regional businesses are in a phase of growth and expansion,” Rynski said.

“With business confidence at an all-time high and businesses building on things they’ve learnt through the pandemic, I’m not surprised that equipment sales are so high.

“The majority of farmers and regional businesses have proven to be exceptionally resilient through two years of challenging conditions and are now poised to capitalise on new opportunities and brilliant market conditions.”

Rynski said the bank is expecting demand for equipment finance lending to continue.

“If we continue to have favourable seasonal conditions, we expect this level of investment in agricultural equipment to continue for the next 15 months,” Rynski said.