The Australian Government’s “Coronavirus stimulus package” has pulled the right levers to encourage spending according to Heavy Vehicle Industry Australia (HVIA).
HVIA chief executive Todd Hacking said the tax incentives for equipment purchases will incentivise spending by the industry’s customers, enable investment by manufacturing businesses and protect jobs.
“The current disruptions place the world economy on something of a precipice,” Mr Hacking said.
“The Australian Government’s stimulus package is a realistic and well-timed response, giving our economy the shot in the arm it needs and that will protect business and jobs.
“It is essential that every one of us plays our part in the keeping the economy pumping and that’s why these tax incentives are about purchasing equipment now.
“The extension of the incentives to include all businesses with a turnover up to $500 million means the cycle of spending incentives will work up and down the supply chain.
“The Government has also shown its understanding of industry by putting into place a series of measures to protect apprentices and other new starters.
“Business will emerge out of this downturn and it is crucial that our skilled workforce are protected,” Mr Hacking said. “The Government have announced sensible measures to work with business to keep staff at work.”
Australia is a world leader in many aspects of heavy vehicle transport. We have a thriving and robust local industry that comprises hundreds of innovative trailer, specialised vehicle, component, equipment and technology manufacturers and suppliers in addition to the product assembly of global heavy vehicle brands such as Volvo, Mack, Kenworth, DAF and Iveco.
Australia’s Heavy Vehicle Industry directly employs over 36,000 people and manufactures, services and repairs some of the world’s most efficient, safe, innovative and technologically advanced vehicles.
“We understand that people are nervous about the unknowns and it is not unusual for business to respond cautiously to the sort of news that has been across our airwaves recently,” Mr Hacking added.
“However, the sun will keep rising and for our industry that means the freight task will need to be taken care of.
“Our members and their customers are the key to keeping the wheels of the nation’s economy moving through a fully functional supply chain.”
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