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February 11, 2024

2024 begins slowly for Tractor Sales

January has seen a rather subdued performance for tractor sales with around 650 units sold compared to around 800 units in the same month last year, which was still benefiting from the Federal Government’s Temporary Full Expensing Program.

This picture reflects an ongoing return to normal trading conditions and whilst it always challenging making predictions off 1 month’s trading, the general outlook appears to be less pessimistic than one may have expected. As was the case last month, whilst the unit numbers may have been down compared to last January, in dollar terms this year was 48% stronger than the same month last year.

Falls were experienced in all machine categories except for the 200 hp (150kw) PLUS range which was again up this time by an incredible 158% on the same month last year. Much of the activity for larger tractors continues to occur in WA where major fleet replenishments appear to be underway. The small under 40 hp (30kw) category was down by 35% for the month. This “leisure” market has long been considered susceptible to interest rate rises and manufacturers appear to be responding with interest rate specials and other incentives to try and stimulate demand.

The 40 to 100hp (30-75kw) range was also down 33% behind and lastly, the 100 to 200hp (75-150 kw) category was down 13%.

Unsurprisingly, Western Australia reported a big lift in January, up 29% on the same time last year and along with South Australia which was up 11%, where the only states to report an increase. Queensland was down 16% against the same month last year. NSW was down 32% and Victoria was off 12%. Tasmania was off 56% for the month with sales in the NT finishing 47% down.

Sales of Combine Harvesters as always begin with a trickle in January, and we should soon get some insights into the full year forecast as dealer order books begin to finalise.

Baler sales have continued their up and down run, up 40% on January last year and sales of Out – Front Mowers were up by around 47% in the month.

TMA Conference

This year’s TMA Conference scheduled to be held on Thursday July 18th to be held in Melbourne at the iconic MCG, a venue we last visited in 2017. Details regarding the event will be announced during the next few months with ticket sales likely to commence in April. This promises to be another great event, so please, SAVE THE DATE.