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Economic Comeback, Vaccine Setback. Who’s got your back?

Back-up to 12 months ago and the world collectively held its breath in a global sense of entering the murky world of the unknown with a global pandemic unfolding. Uncertainty prevailed across all sectors and especially for businesses. Catastrophic outcomes were forecast including a lot of period of recession matched only by the Great Depression. Things certainly did not look good.

Fast forward to today and Australia at least, is sighing with relief as to how the pandemic has played out – so far and in general terms. But there is still a sense of uncertainty prevailing which is cause for concern in many circles. It’s a different phase of uncertainty. Some signs have us heading in a positive direction while others are holding us back in uncertain territory. More info.

It could be another challenging year for business as we navigate through another period in unchartered territory – the post-pandemic or is the ongoing pandemic fallout? Staying across the economic scene as a whole as well as focussing on your own operations at a micro costs level will again be crucial for business operators.

Finding the time to do that is another challenge. We assist you by keeping across what’s happening on the bigger economic scene as well as the local truck scene. Jade Truck Loans takes a look at what’s happening now that could affect your operations and what support is available to assist you in your business.

Economic Outlook

When appearing at a recent Senate Committee hearing, head of CommBank, CBA Matt Comyn described Australia’s recent economic performance as miraculous. Jade Truck Loans is accredited with the CBA so we could take some reassurance that one of our major lenders has a positive opinion on the economy’s comeback. We note the change in wording from the Prime Minister of late from bouncing back to come back from the pandemic.

But whatever way you look at it, the Australian economy is certainly performing beyond expectations and forecasts. Of course, there are those sectors still struggling as a result of the lack of international tourism and those still facing restrictions on trade and other pandemic regulations. But even the critical aviation sector is showing good signs with both Qantas and Jetstar recording good passenger capacity numbers on domestic routes. Read more.

Unemployment figures for early March continue on the downward trend reaching 5.6% which continues to exceed expectations. The economic comeback is well underway on many fronts and this is not only important for individuals and businesses, but it will no doubt impact how the Treasurer frames the Federal Budget which is due in early May. The deficit which was forecast both in the October budget and in the MYEFO should be much less than predicted.

But analysts, commentators and policy-makers are still awaiting the real fall-out from the end of JobKeeper though job vacancies appear extremely high with some areas saying they are having trouble getting staff to fill jobs.

Hence the uncertainty. Despite the good economic comeback, high levels of business and consumer confidence, doubts still linger.

Vaccine Scenario

The major doubts are being fuelled by the COVID-19 vaccine setbacks in Australia. The EU holding back the supply of 3 million doses of the Pfizer vaccine that had been ordered and side effects causing pauses and changes to the rollout of the Astra Zeneca job have placed Australia behind the initial schedule for having the population fully vaccinated.

This is big news as it has the potential to cost the economy, some are saying in the order of $10 billion. NSW Premier Gladys Berejiklian was one of the first leaders to publicly state her view that stalling the vaccine rollout could leave Australia behind the rest of the world.

As our other trading partners vaccinate their populations and recommence trade and travel, Australia could be left out of the loop. On a domestic level, the delays in the vaccination program are certain to delay the full relaxation of some restrictions which can impact business.

Venues operating at the 2 square metre rule in some states that is at 50% capacity can limit work in the delivery sector, which could be your area. Fewer customers at pubs and clubs and restaurants mean they purchase less fresh produce, less beer and require fewer deliveries. A simple example but a clear example of how your small picture view of the economy fits within the bigger picture framework. It was not expected that the 2 square metre ruling would be relaxed until vaccinations were considerably advanced.

Who’s got your back?

While governments focus on the big picture, businesses need to narrow their focus to how and where their particular operation fits into the overall economic scenario. With comebacks and setbacks, who’s got your back? In regards to buying a new truck, Jade Truck Loans certainly has your back.

Our competitive truck loans interest rates offer affordable and workable pathways to invest in new vehicles and take advantage of the current financial situation and many of the tax measures on offer in the big picture. We also support our customers with a comprehensive and inclusive lending service where our truck loan brokers handle the entire finance process to save you time and money.

Despite all that’s happening in the big picture of the Australian economy, Jade focuses squarely on the needs of our customers.

Contact 1300 000 003 to discuss your lending options

DISCLAIMER: THIS INFORMATION IS ISSUED PURELY FOR THE PURPOSE OF GENERAL INFORMATION PROVISION. IT IS NOT TO BE TAKEN AS THE ONLY SOURCE OF INFORMATION FOR BASING FINANCIAL DECISION-MAKING. THOSE REQUIRING FINANCIAL GUIDANCE AND ADVICE SHOULD CONSULT WITH THEIR FINANCIAL CONSULTANT OR ADVISOR. NO LIABILITY IS ACCEPTED FOR ANY MISREPRESENTATION OF POLICIES, DATA OR ERRORS IN THIS CONTENT.

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