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July 8, 2024

Tractor Sales continue their decline in June

Sales of Agricultural Tractor were off considerably in the month of June with just over 1,300 units sold. This was 48% less than the same month last year and brings the year-to-date position to a level which is 30% behind the corresponding period. As we flagged last month June 2023 was the last month of the Federal Government’s Temporary Full Expensing Program which saw last minute sales at unprecedented levels.  We expect a more realistic month to month comparison to appear from July onwards as the impact of this incentive disappears.

Overall, we are still forecasting a reasonably healthy 2024 for sales as winter rains across the country deliver ideal growing conditions for the foreseeable future, although with each month the outlook continues to soften as farmers play it safe.

Looking at the state-by-state picture, Queensland was down 47% against the same month last year to be 27% behind year to date, NSW was down 56% and is now 38% behind for the year and Victoria was also down, this month by 43% to be 28% below last year. Western Australia reported a drop of 41% to be down 16% compared with the same time last year. South Australia had another big drop down 49%, now down 32% YTD, Tasmania was off 38% for the month with sales in the NT finishing 38% down.

Sales in each of the reporting categories were well off this month with the small under 40 hp (30kw) category down by 33% to be 27% behind year to date. The 40 to 100hp (30-75kw) range was also down again, this time by 53% and is now behind 41% year to date. The 100 to 200hp (75-150 kw) category was down 50% to be 31% off for the year and finally, the 200 hp (150kw) PLUS range which have been largely positive all year, continues its drop off to be 41% down compared to the same month last year and is now 16% behind year to date.

Sales of Combine Harvesters are off to a slow start with about 15% of this year’s expected number sold so far. Baler sales were again down with difficult growing conditions for hay and are now 20% behind year to date. Finally, sales of Out – Front Mowers were again up this time by around 7% 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, Farm Safety and more. Plus, we will have our regular economic update from Westpac’s Justin Smirk and the state of industry report from Kynetec.

The event is almost sold out with last tickets available at the TMA website

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

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