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July 10, 2023

Tractor Sales steady in June as Temporary Full Expensing comes to an end

The month of June brings to an end the highly successful Temporary Full Expensing Program introduced by the Federal Government during the Covid 19 pandemic. This program has assisted in the industry not only continuing to operate during this difficult period but prosper. The TMA has been concerned that the termination of this program would cause problems for the industry and lobbied the Government for relief for those customers that ordered equipment but due to the prevalent supply chain issues were unable to take delivery before June 30, however we were unsuccessful.

It remains to be seen now what the full impact of the end of this program has for the industry particularly given the ever-increasing predictions of an El Nino weather pattern likely to dominate Australia for the next 9 – 12 months.

Looking at Tractor sales for the month, there were around 2,500 tractors delivered in June with around 60 fewer deliveries than the same month last year.  This now means that the year-to-date figure is 16% behind the same period last year.

Sales around the nation were generally down across the board with Victoria off 5% on the same month last year to be 24% behind year to date. Queensland was up slightly 1.9% and is now 11% behind year to date, NSW was in line to be 17% off YTD.  Sales in Western Australia reported a drop of 17% and remains 13% behind last year. South Australia recorded a 9% rise and now sits 6% behind YTD and Tasmania was off 4% for the month, 24% off YTD with sales in the NT finishing 36% down remaining 10% down YTD.

Looking at the machine categories, we find that the small under 40 hp (30kw) category, the category most likely to be affected by interest rates, was down by 8% for the month and is now 16% behind year to date. The 40 to 100hp (30-75kw) range enjoyed a small rise, up 2% and is now 17% behind year to date, the 100 to 200hp (75-150 kw) category was down, this time by 3% and remains 20% behind YTD and finally the 200 hp (150kw) PLUS range slipped slightly, down 2% remaining 5% behind last year.

Sales of Combine Harvesters continue to gather pace with in excess of 200 units delivered in the month. This puts us well ahead of the same time last year, up 78% in fact and expectations are for an outstanding year ahead. Baler sales dipped this month, down 11% but remain 10% ahead on a year-to-date basis and sales of Out – Front Mowers enjoyed another strong month, up 24% on the same time last year.

All is in readiness now for the annual TMA conference being held in Sydney on Wednesday July 19th at the Stamford Plaza, Sydney Airport. Ticket sales have been strong as has sponsor support and we have an exciting line-up of speakers which should all make for another great event.