Small and medium-sized Australian businesses are utilising asset financing to invest in their long-term operations in 2024. The Commonwealth Bank of Australia has released data showing the largest growths in business investments in 2024. Let’s take a dive into the data to see what assets your business should be looking into financing:

• Motor vehicle purchases are up 55% overall, with a 533% and 254% rise in hybrid and electric vehicles, respectively. Light commercial vehicles, i.e. vans, Utes and small trucks have also risen 27% from 2023.
• Office and shop face-lifts and refurbishments saw a 25% increase in financing, including shelving and furniture fittings.

The data also reveals the top three industries with increased financing activity:

• Health & Community Services (Up 35%)
• Education (Up 24%)
• Manufacturing (Up 18%)

Asset financing continues to be a fantastic option for small businesses in Australia, as the federal government has announced that the $20,000 Instant Asset Write-Off has been extended to the 2024-2025 financial year. This allows small businesses to claim an immediate tax deduction for any asset under $20,000 between 1 July 2023 and 30 June 2025.

Asset financing is great for small businesses to invest in their future, without needing the cash upfront. Read more about Asset financing here, or contact Interlease today to speak with one of our expert brokers.