Truck finance interest rates, along with general interest rates, constitute just a single facet of the significant concerns that operators will need to address in their pursuit of meeting key performance indicators (KPIs) throughout 2022. Keeping abreast of all pertinent matters within the trucking and transport industry can prove to be a formidable task. We've extensively engaged with various industry and governmental entities to furnish you with these informative updates. These news pieces aim to empower business owners and operators in enhancing their enterprises, exploring novel prospects, and strategically plotting new vehicle acquisitions.
Interest Rates Update
Interest rates are currently in an upward cycle as the RBA adjust monetary policy by raising the cash rate to curb surging inflation. The RBA has raised the cash rate at their past 3 monthly Board meetings and a further hike is expected at its 2 August meeting.
While a 0.25-0.5% rise was expected in August the release of the June employment data now has analysts and major banks readjusting their forecasts. Some expecting a 1% rise and the ANZ has adjusted its forecast to expectations of a total of 2% in rises over the coming months.
For operators strategizing new vehicle acquisitions, the imperative is to take swift action prior to these anticipated rate increases. To navigate this terrain effectively, engaging a finance broker-style lender is advisable, as it ensures a comprehensive exploration of various lenders to secure the most favourable deal. In light of the evolving landscape of Truck Finance & Leasing Interest Rates, marked by banks and lenders reacting to RBA decisions, it's notable that Jade Truck Loans remains committed to facilitating access to competitive rates. Despite these changes, avenues for attaining cheaper rates persist through our services.
Our accreditations with many banks and especially with a selection of non-bank lenders that specialise in truck loans, puts us in the ideal position to achieve the cheapest rates available.
Major Project Update
Another major NSW project has passed a major milestone with the awarding of the design and construct contract. Fulton Hogan Construction has been awarded the contract for the fifth stage of the Newcastle Inner City Bypass.
New Minister for Infrastructure, Catherine King, said this bypass stage would be one of the largest infrastructure project for Newcastle and would provide a positive impact on congestion and travel times.
The contract awarded involves the early works package with major work due to get underway later in October 2022.
As a major project, this may present work opportunities for your business. If so, and you require new vehicles to successfully tender, contact us about cheap truck finance.
HVIA Safety Project
Safety is a major priority for operators and the HVIA is developing a Safety through Education program to assist. The project involves interactive training tools which can be accessed online and cover best practice process in regard to load restraint and to tyre management.
The project has the support of the NHVR, industry stakeholders and members of the HVIA. Paul Caus from the HVIA said that failure of tyres can lead to catastrophic outcomes and the data shows this over-represented in the statistics for crashes.
Mr Caus said that good and consistent wheel and tyre management systems made a good case for businesses. He said that the project would convert the masses of current written information into practical, simple, online courses.
The courses are due for launch in 2023 at the Brisbane Truck Show.
COVID Safety a Personal Responsibility
It’s clear from the daily case statistics that COVID-19 is still well and truly with us. The impact on business of the ongoing pandemic was mentioned by the ABS when it released the June employment stats. These included continuing high levels of time off work due to illness. Something many business operators will find a major challenge to maintaining streamlined operations.
While governments have not reintroduced any new mandates, the HVIA is encouraging its members to be proactive and take the necessary steps to keep the workforce as safe as possible and to provide steps to ensuring continuity of business.
The HVIA repeated the warnings from CMO Paul Kelly after attending a briefing by the taskforce of Emergency Management Australia.
Measures to slow the spread of the new COVID subvariants are suggested as:-
- Wear masks inside.
- Work from home where feasible
- Remind workers to physically distance and if symptomatic, don’t come to work.
- Supply hand sanitisers.
- Support boosters.
Overhaul of National Infrastructure Body
Amidst these developments, questions have emerged concerning the trajectory of planned infrastructure projects, catalyzed by a new review initiative. Notably, the newly established Labour government has initiated a comprehensive review of Infrastructure Australia, leading to the resignation of several board members.
Catherine King, the Federal Minister for Infrastructure, underscored the necessity of this review in re-establishing confidence within the organization. With its mandate encompassing the evaluation and validation of major projects, spanning diverse categories from dams to roads, Larger Semi Truck Leasing and Finance Packages could potentially see a shift in dynamics as a result of these reassessments.
Contact Jade Truck Loans on 1300 000 003 for cheaper interest rate truck finance.
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