According to organisers, the recent Henty Field Day was a huge success. After 2 years of cancellations due to COVID, the event return even bigger and better than ever. Record attendances, $100m injected into the economy and great machinery sales are just some of the good news stories. While machinery sales at the event were reportedly very good, many operators will wait until after these events to finalise decisions around machinery acquisitions. Taking extra time to consider their options especially in regard to machinery finance.
With further RBA cash rate increases, operators can source better interest rates on machinery finance for field day purchases through Jade Equipment Finance. For operators in the process of make those assessments and finance decisions and for those that didn’t get the chance to attend the Henty event, we provide information on the highlights and the machinery finance options currently available.
The Henty Field Day was held on 20-22 September with over 70,000 attendees, 1200 sites and more than 800 exhibitors. The event is a not-for-profit so the funds that were raised go back into infrastructure and social capital for local community groups.
CEO of Henty Machinery Field Days, Belinda Anderson, said that the recording breaking crowd numbers caused capacity to be reached by noon on the Thursday and many ticket holders were turned back for safety reasons. The record interest comes on the back of several above-average seasons and record prices for commodities.
Highlights:-
- Large sales of products and services were reported.
- Trade delegation attended from Argentina.
- The MacDon FD2 Flex Draper was presented with Machine of the Year Award with highly commended going to JD for the See and Spray Select.
- Award for Australian-designed and built machine went to Daniel Draper’s Ezy Feeder.
- CASE reported 3 days of tractor sales.
Plus many more good news stories which may provide operators with reason to invest in new machinery with finance.
Strategic Plan Launched
In another positive sign and move for the area, the 2022-2025 Regional Development Australia Murray Plan was launched at the Henty Field Day. Minister for Regional Development, Kristy McBain, launched the plan which helps to identify the opportunities in the region, manage the pressures on growth and address infrastructure needs and economic development in the region.
Stakeholders from all levels of Government were involved in development of the plan. Edwina Hayes, CEO of RDA Murray said that central to this plan were connectivity, greater uptake of technology, skilled workforce as well as supply of housing.
The full report can be viewed at https://www.rdamurray.org.au/index/about-us/strategic-plan/
Farm Machinery Finance Options
The reports from the September Henty Machinery Field Day with the record attendances and interest in machinery purchases hopefully indicate a positive outlook for the agricultural sector. Additional positive signs for the economy in general may be taken from the outcomes from the Jobs Summit to address the labour shortage situation and for agriculture, the ABS figures that demand for food-related items remains strong.
Judging from the reports of interest in tractors and other machinery, many operators may be in the process of making post-event buying decisions.
The decision to invest in new agricultural machinery has to stack up in benefits to output and production and in affordability to the balance sheet and cash flow. We assist operators in the agricultural sector with cost-effective farm machinery finance.
Finance products for the purchase of farm machinery include:-
- Chattel Mortgage or Equipment Loan
- Machinery Leasing
- Commercial Hire Purchase for Agricultural Machinery
- Rent to Own
Chattel Mortgage is extremely popular with the suitability for temporary full expensing. Refer to our article on this tax measures for full details and assessing whether it may suit your operation.
Finance affordability is critical to many purchase decisions. That can come down to the interest rate. Rates have been on the rise due to the RBA decisions to hike interest rates to address Australia’s rising rate of inflation. That has meant that lenders across many lending sectors have raised their rates. Rates do vary across industries and across different lenders. So there may be work to do in order to identify which lender is offering the best rates in the agri sector.
If you’ve always headed straight to the bank when requiring finance, utilising our broker-style services may offer a welcome alternative and deliver a better finance outcome.
As we are accredited with multiple lenders – banks and specialist equipment non-bank lenders, we continue to be in a position to source and negotiate better interest rates on farm machinery finance.
For cost-effective farm machinery finance at cheaper rates, contact Jade Equipment Finance on 1300 000 003 for a quote.
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.
