To acknowledge annual Farm Safety Week, Jade Equipment Finance provides an update on a range of issues around agricultural industry finance, equipment, and events. Acknowledging the importance of the sector to the overall economy and highlighting significant events and ways to reduce the operating costs and boost productivity.
For those unaware of Farm Safety Week, it is an annual initiative of Farmsafe Australia which aims to raise the awareness across the wider community of the risks faced by farmers across the country. The organisation provides events across the week and resources and tools that the industry can utilise to improve safety in their lives. The focus is on both physical safety with work practices and very importantly on mental health and wellbeing. This year’s event had a particular focus on farming across all age groups. If you missed the shout out, you can review the resources
Event Cancellations and Rescheduling
While the COVID-19 pandemic has highlighted the importance of our agricultural and farming industry to feed the nation, it has also impacted many of the events which the sector very much looks forward to each year. The latest casualties list include annual industry shows and showcases.
Due to the COVID outbreak in NSW, the Agquip events scheduled for August have had to be postponed to November. Organisers, ACM Rural Events, acknowledge that 16-18 November rescheduling is not ideal being so late in the year and at harvest time. However, it is important for suppliers and manufacturers to connect with the industry at these very well-attended events.
The organisers will be continuing to stay across developments and work with authorities to ensure the events can proceed on these new dates.
New Holland has also cancelled its Biloela field days which were scheduled for 11-12 August.
For those in WA and SA, unaffected by the eastern seaboard outbreak, you still have quite a few showcases to look forward to during the latter part of this year:- Dowerin Machinery Field Days, Newdegate Machinery Field Days, and the Royal Adelaide Show, plus other SA Field Days are still set to proceed as scheduled.
Not proceeding is the Royal Melbourne Show and Queensland’s Ekka. Both have had to be cancelled for 2021 due to the coronavirus pandemic. The Melbourne Show was scheduled for late September and usually attracts over 400,000 visitors and contributes over $200m to the state’s economy. It is also a valuable opportunity for rural producers to connect with the city and showcase their produce. This is the second year the show has had to cancel, so hopefully 2022 it will be back.
With the extension to the SE Queensland lockdown as the Delta variant spreads through the region, the big call has been made to cancel Ekka for 2021. A second year of cancellation for this much-loved annual event for Queenslanders. With such short notice of the cancellation as it was scheduled for 6-15 August, organisers are offering ticket refunds to those that have pre-purchased tickets.
While cancellations of field days mean potential buyers miss these opportunities to see new machinery and equipment in action, hopefully acquisitions can still proceed via a contactless or remote process. Jade Equipment Finance operates in this way and continues to provide our full range of lender services throughout Australia.
New Machinery Releases
Despite outbreaks and lockdowns, manufacturers continue to launch new machinery and equipment into the market to assist producers improve their operations. We have noted a few of the recent announcements for special mention.
Kubota has announced the release of two new diesel generators to its collection – the GL Compact and SQ Super Quiet series models. According to the company, these new models can be used as both prime and back-up power and include improved features to deliver reliable and safe power in many applications.
Australian specialist in spraying equipment, HARDI, has recently launched a new product – Geoselect. This spot spraying system was developed at the company’s South Australia headquarters and is designed to save chemicals, labour, water and most importantly, money. For more info head to https://www.hardi.com.au/
Speaking of saving money, John Deere has come to the party for the ag sector by removing monthly subscription costs associated with its data collection system JDLink. The move is seen as giving farmers better control of data while removing the additional barriers.
As a business that focuses on cheaper ag machinery and equipment finance, we salute any efforts to reduce operating costs for businesses.
Interest Rates on Farm Machinery and Equipment
The good news on equipment interest rates continues, with the RBA keeping the official cash rate on hold through 2021. This has enabled us to continue to offer cheap interest rate equipment finance on a wide range farming machinery and equipment to support the sector.
Many business operators and economic analysts have been contemplating how the recent lockdowns, especially the extended period in NSW and snap periods in SEQ, SA and Victoria will effect interest rates. They will no doubt have a significant impact on the economy and are expected to cause a rise in what were, very encouraging unemployment figures.
The RBA has repeatedly stated that the Board is looking for a target in inflation and unemployment to be achieved before considering a rise to the official cash rate which would likely flow on to a rise in lending rates. It is unlikely that these targets will be achieved until 2024 and the economic effects of the lockdowns would not trigger a rate rise.
If you are planning acquisitions of new machinery, refer to our loan calculators to assist your buying decisions or just contact us to handle the sourcing, negotiating and securing of your equipment finance.
Contact Jade Equipment Finance on 1300 000 003 to discuss your farming machinery and equipment finance requirements
DISCLAIMER: IF MISINTERPRETATIONS, MISREPRESENTATION OR ERRORS EXIST IN THIS ARTICLE, NO LIABILITY IS ACCEPTED. THE INFORMATION IS PROVIDED ONLY FOR GENERAL PURPOSES AND NOT IN ANY MANNER INTENDED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADDITIONAL GUIDANCE OR ADVICE SHOULD REFER TO AN INDEPENDENT FINANCIAL ADVISOR.