{"id":287314,"date":"2020-11-25T11:03:27","date_gmt":"2020-11-25T01:03:27","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=287314"},"modified":"2020-11-25T12:58:23","modified_gmt":"2020-11-25T02:58:23","slug":"bank-shows-growth-in-ag-investment","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/bank-shows-growth-in-ag-investment\/","title":{"rendered":"Bank Shows Growth In Ag Investment"},"content":{"rendered":"
\"\"<\/a>
Investment in ag machinery is soaring, according to Commonwealth Bank figures (Graph: CBA)<\/figcaption><\/figure>\n

November 25, 2020<\/strong><\/p>\n

There has been a large rise in financing for ag machinery, figures released this week by the Commonwealth Bank show.<\/p>\n

In Queensland, lending has risen by 69 per cent compared with the same time last year.<\/p>\n

\u201cFor many of Australia\u2019s farmers, this year has been a rebound from drought with favourable growing conditions, a successful winter crop in many regions and strong optimism about yields and quality of harvest,\u201d Commonwealth Bank executive general manager Grant Cairns said.<\/p>\n

\u201cOver the past few months we\u2019ve seen financing in the sector increase dramatically \u2013 largely driven by farmers purchasing agricultural machinery for this year\u2019s crop season.<\/p>\n

\u201cWe\u2019ve seen asset finance for ag machinery, particularly tractors and harvesters, increase significantly. Across the country, new asset financing for tractors is up 119 per cent \u2013 the highest volumes with seen in the past three years, and financing for harvesters is up 108 per cent.\u201d<\/p>\n

Mr Cairns said the Federal Government\u2019s expansion of the instant asset finance write-off scheme was providing a further incentive for farming businesses to invest.<\/strong><\/p>\n

\u201cAgriculture confidence is at an all-time high for a number of reasons \u2013 nationally, farm values are up, commodity prices are holding firm, interest rates are at record lows, seasonal conditions have been good, there is strong consumer and retail demand for fresh produce, and there\u2019s government incentives like the instant asset write-off scheme,” Mr Cairns said.<\/p>\n

\u201cThe trends we\u2019ve been seeing signals a higher confidence across the farming sector, and that\u2019s good for everyone \u2013 for the regional towns where the farms are located, for the whole supply chains that support our food and fibre, for the markets they sell to, and for all of us who enjoy fresh Australian produce.”<\/p>\n

* * *<\/strong><\/h2>\n

Agricultural machinery financing, compared with the same time last year:<\/strong><\/p>\n

    \n
  • NSW – up 109 per cent<\/li>\n
  • Western Australia – up 72 per cent<\/li>\n
  • Queensland – up 69 per cent<\/li>\n
  • Victoria – up 30 per cent<\/li>\n
  • Tractors – up 119 per cent (October was the largest month for tractors since September 2017)<\/li>\n
  • Harvesters – up 108 per cent<\/li>\n
  • Sprayers – up 59 per cent<\/li>\n
  • Headers – up 25 per cent<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    There has been a large rise in financing for ag machinery, figures released this week by the Commonwealth Bank show.<\/p>\n","protected":false},"author":20,"featured_media":222378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3,36],"tags":[1134],"yoast_head":"\nBank Shows Growth In Ag Investment - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"There has been a large rise in financing for ag machinery, figures released this week by the Commonwealth Bank show.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/bank-shows-growth-in-ag-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Shows Growth In Ag Investment - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"There has been a large rise in financing for ag machinery, figures released this week by the Commonwealth Bank show.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/bank-shows-growth-in-ag-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T01:03:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-25T02:58:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2018\/11\/farmland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/bank-shows-growth-in-ag-investment\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2020\/11\/25\/bank-shows-growth-in-ag-investment\/\",\"name\":\"Bank Shows Growth In Ag Investment - 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