Forklift sales boom in Australia

Data released by NAB (National Australia Bank) shows businesses across Australia are purchasing new equipment and vehicles in record numbers as companies embrace the strongest market conditions seen in years.

Following 2020 where businesses across the globe were forced to ‘pivot’ their business through the pandemic, this year, Australian businesses are investing to build on the opportunities uncovered.

Among the top equipment purchases by Australian businesses were forklift trucks – up 216% from last year.

NAB’s equipment finance sales for industries like manufacturing have increased 130% year on year.

NAB executive Regional and Agribusiness Julie Rynski said that customers were taking advantage of strong business conditions and confidence while the Government’s Instant Asset Write Off Scheme had been key to stimulating investment.

“When businesses start purchasing equipment, it’s a real signal to us that regional businesses are in a phase of growth and expansion,” Rynski said.

“With business confidence at an all-time high and businesses building on things they’ve learnt through the pandemic, I’m not surprised that equipment sales are so high.

“The majority of regional businesses have proven to be exceptionally resilient through two years of challenging conditions and are now poised to capitalise on new opportunities and brilliant market conditions.”

Ms Rynski said the bank did not expect current demand for equipment finance lending to ease any time soon.