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May 10, 2024

Tractor Sales at healthy levels

Tractor sales in the month of April were 12% behind the same month last year with around 850 units delivered across the nation. This represents a continuation of the shift back to more “healthy” levels and with a figure of around 3500 units sold so far this year, we are on track to record a year in the 11,000 to 12,000 tractor range. Notwithstanding this, conditions in the market remain very competitive with some dealers reporting large stock holdings and challenges associated with recent price increases. It is not unusual therefore to find some sharp deals to be had in the market today.

Looking at the state-by-state picture, Queensland was down 13% against the same month last year to be 18% behind year to date, NSW was down 22% and is now 28% behind for the year and Victoria was up slightly, 3% to be 18% below last year. Western Australia reported a small rise of 1% to be in line with the same time last year. South Australia had another big drop down 18%, now down 24% YTD, Tasmania was off 42% for the month with sales in the NT finishing 30% down.

Sales of the 200 hp (150kw) PLUS range were again the best of the machinery categories with a 1% rise on the same month last year to be up 32% year to date. The small under 40 hp (30kw) category was down by 3% for the month to be 28% behind year to date. The 40 to 100hp (30-75kw) range was also down 32% and is now behind 35% year to date. Lastly, the 100 to 200hp (75-150 kw) category was down 6% to be 21% off for the year.

This mix of sales means that, whilst in volume terms the market is down on the same time last year, in dollar terms it is in fact up 14%. This highlights the approach many larger farmers take with their fleet replenishment strategies. Many machines are now being sold on 3- or 5-year leases which are programmed into customers capital cycle so even though the agricultural market may experience some gyrations, we are seeing a more stable outcome when it comes to larger machinery purchases.

Sales of Combine Harvesters are yet to materialise however dealers are reporting a healthy forward order book and expect another solid season. Baler sales finished steady on the same month last year with difficult growing conditions for hay and are now in line year to date. Finally, sales of Out – Front Mowers were again up this time by around 57% in the month.

TMA Conference

This year’s TMA Conference scheduled to be held on Thursday July 18th in Melbourne at the iconic MCG, a venue we last visited in 2017.

Continuing our theme: Towards 2030, the conference will feature an exciting line-up of speakers on critical industry issues such as AI in Ag, attracting women to the workplace, effective marketing strategies, personal financial planning and more. Plus, we will have our regular economic update from Westpac’s Justin Smirk and the state of industry report from Kynetec.

Tickets are now on sale at the TMA website

Finally the TMA’s annual State of the Industry report is now available for download on the TMA website.