- The Road Transport Sector continues to reduce in sales volume but shows some semblance of stabilisation after a reduction of only 13% on the same period last year.
- Delays have been extended on new stock with global production capacity reduced.
- With almost all Australian businesses now eligible for a full write-off of asset purchases manufacturers supplying business assets across road transport, automotive and machinery are seeing some rebounds in certain sectors.
- Agricultural equipment sales have continued to thrive during the third quarter, which is being driven by good seasonal weather conditions, low-interest rates, high commodity prices and tax incentives.
- The automotive sector saw year to date sales reach a total of 811,464 vehicles sold, with an overall market decline of 21.8%.
Road Transport Key Point Summary
- Third quarter has seen signs of stabilisation in the road transport market after a reduction of 13% on the same period last year.
- After three months of consecutive reductions in sales volumes for the heavy-duty market, September results returned to more positive territory.
- The light duty truck market outperformed both the heavy and medium duty truck market in the third quarter
Automotive – Key Point Summary
- New vehicle sales continued to struggle across the country in the third quarter, with Victoria being the worst performing state.
- States that have virtually eradicated COVID-19, saw vehicle sales increase during September.
- Secondary car market sales remained strong, however have been impacted by the lack of stock available on the market.
Agriculture – Key Point Summary
- The agriculture equipment sales sector has been driven by good seasonal weather conditions, low interest rates, high commodity prices and government tax incentives.
- New South Wales saw the largest increase in new tractor sales throughout the quarter.
- Secondary agriculture equipment sales continue to remain strong due to strong environmental conditions.
Mining and Earthmoving – Key Point Summary
- Caterpillar Inc. saw profits in the third quarter decline by 63% in comparison to the same period in 2019.
- Results for equipment sales have been a mixed bag, with Victoria being the worst performer.
- Auction results have remained strong for equipment sales in the secondary market.
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