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Australia’s small and medium sized businesses appear to be gearing up for a strong economy in 2022 with demand for equipment and machinery financing up smartly in the first half of this financial year. Commonwealth Bank of Australia says asset finance soared 87 per cent in the first six months of the 2021/22 financial year compared to the same period in 2020/21. CBA’s executive general manager business lending Grant Cairns said the demand for asset financing has largely been driven by government incentives and businesses trying to manage supply chain disruptions. It comes after a very challenging operating environment – protracted lockdowns, Omicron and now major weather events. “The Australian economy is looking strong in 2022 and, with expectations that demand will increase, we anticipate continued investment in capital goods to fuel future growth,” Mr Cairns said. National Australia Bank will provide a broader look at the business landscape when it releases its monthly survey for February on Tuesday It will gauge the mood of businesses faced with rising fuel costs and the uncertainty surrounding eastern Europe, as well as the floods on the Australian east coast. The weekly ANZ-Roy Morgan consumer confidence index – a pointer to future household spending – is also due. It fell 2.6 per cent last week as the eastern European conflict began and petrol prices set record highs, while consumer inflation expectations also struck a fresh seven-year high of 5.2 per cent. The Australian Institute of Petroleum said on Monday the national average price for unleaded petrol struck another new high in the past week, rising 3.3 cents to 183.9 cents per litre. Global oil prices have risen sharply as a result of Russia’s invasion of Ukraine. “Based on the $US20 lift in Brent crude last week, average Aussie petrol prices will soon be $2.10 a litre,” Commonwealth Securities chief economist Craig James warned. Australian Associated Press
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Australia’s small and medium sized businesses appear to be gearing up for a strong economy in 2022 with demand for equipment and machinery financing up smartly in the first half of this financial year.
Commonwealth Bank of Australia says asset finance soared 87 per cent in the first six months of the 2021/22 financial year compared to the same period in 2020/21.
CBA’s executive general manager business lending Grant Cairns said the demand for asset financing has largely been driven by government incentives and businesses trying to manage supply chain disruptions.
It comes after a very challenging operating environment – protracted lockdowns, Omicron and now major weather events.
“The Australian economy is looking strong in 2022 and, with expectations that demand will increase, we anticipate continued investment in capital goods to fuel future growth,” Mr Cairns said.
National Australia Bank will provide a broader look at the business landscape when it releases its monthly survey for February on Tuesday
It will gauge the mood of businesses faced with rising fuel costs and the uncertainty surrounding eastern Europe, as well as the floods on the Australian east coast.
The weekly ANZ-Roy Morgan consumer confidence index – a pointer to future household spending – is also due.
It fell 2.6 per cent last week as the eastern European conflict began and petrol prices set record highs, while consumer inflation expectations also struck a fresh seven-year high of 5.2 per cent.
The Australian Institute of Petroleum said on Monday the national average price for unleaded petrol struck another new high in the past week, rising 3.3 cents to 183.9 cents per litre.
Global oil prices have risen sharply as a result of Russia’s invasion of Ukraine.
“Based on the $US20 lift in Brent crude last week, average Aussie petrol prices will soon be $2.10 a litre,” Commonwealth Securities chief economist Craig James warned.
Australian Associated Press
