There’s no doubt that businesses across Australia have taken a hit over the last two years. If the pandemic wasn’t enough, many businesses now have to deal with supply chain disruptions caused by the most recent floods and soaring prices due to conflicts halfway across the world. Despite these near constant disruptions, manufacturers are on the cusp of a new growth phase, thanks to new digital and sustainable technologies.

According to a recent manufacturing insight report conducted by one of the big banks, over the next 12 months 58 percent of all manufacturers in Australia are expected to see a revenue rise and 53 percent can expect an increase in profits.

This can be attributed to investments in new equipment and technology that will allow these businesses to expand their product range and also work closely with suppliers to ensure an efficient supply chain. To this end, many manufacturers see investing in new technology as one of the top growth drivers.

Sustainable equipment has also been a massive driver of growth, as businesses invest in reducing emissions. The report cited a high demand for energy efficient equipment finance, which also allows many manufacturers to enhance their productivity.

With all this said about equipment finance, it is also interesting to note new data that has revealed that equipment and machinery financing saw a significant rise in the first six months of FY22 compared to the same period in the last two financial years.

With the manufacturing industry set to experience a new growth phase thanks to new technology and with strong demand for asset finance this financial year, now is a smart time to access equipment finance for your business.

Contact our friendly brokers for advice today!