Truck Loans Australia :: News

Share this news item!

Australia Grapples with Prolonged Economic Slowdown

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Australian citizens are currently navigating through an unprecedented economic phase, marked by the most prolonged recession per capita in the nation's history.

This downturn has extended through six consecutive quarters of declining economic output, with a total of seven declines across the last eight quarters.

The Organization for Economic Co-operation and Development (OECD), in its recent economic outlook, revised Australia's GDP growth projection for 2024 downwards-from an anticipated 1.5% growth to a more conservative 1.1%. Looking further ahead, it forecasts a gradual recovery with an expected GDP increase of 1.8% by 2025.

Despite these projections, Australia's population growth of 2.4% for the year ending June 2024 tends to exacerbate the per capita recession, hinting that this economic hardship might persist beyond previous expectations. The ramifications of these economic conditions are predominately felt by average households.

The Reserve Bank of Australia's steadfast approach in raising interest rates has placed a substantial burden on household budgets. This has led to a 2.4% reduction in household consumption from its apex in real per capita terms.

More noticeably, real per capita household disposable income plunged by an unprecedented 8% from its earlier highs. This constitutes the steepest decline observed in contemporary economic analysis according to recent statistics from the Australian Bureau of Statistics (ABS).

August figures from the ABS Household Spending Indicator reported stagnant spending in nominal terms, succeeding prior decreases of 0.5% in July and 0.1% in June. Robert Ewing, head of business statistics at ABS, observed, "Growth in household spending has stalled at the start of the financial year, even as the Federal government's Stage 3 tax cuts came into effect on 1 July".

An analytical depiction by Justin Fabo from Antipodean Macro, matched ABS Household Spending Indicator data with household consumption figures from quarterly national accounts. The analysis suggests a persisting frailty in these accounts throughout Q3, indicating that the current recession per capita is far from over.

The new policies, including the Stage 3 tax cuts designed to boost economic engagement and consumer spending, appear to have offered limited relief as the economy remains dormant. Acknowledging information from the original source, The OECD Digest, it's evident that while several measures are in play, the anticipated economic rejuvenation remains elusive.

Published:Tuesday, 8th Oct 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Australian Home Prices Hit Record Highs Following Rate Reduction

11 Feb 2026: Paige Estritori

In March 2025, Australia's housing market experienced a significant milestone, with national home prices reaching a new peak. This surge was largely influenced by the Reserve Bank of Australia's (RBA) decision to cut interest rates in February, which reignited buyer demand across the country. - read more

CommBank Expands Green Loan Options for Sustainable Homes

10 Feb 2026: Paige Estritori

Commonwealth Bank of Australia (CommBank) has strengthened its commitment to environmental sustainability by expanding its Green Home Offer through a renewed partnership with the Clean Energy Finance Corporation (CEFC). This collaboration introduces enhanced financial incentives for homeowners aiming to improve their property's energy efficiency. - read more

ASIC Cracks Down on Unlicensed Financial Influencers

10 Feb 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has intensified its efforts to regulate financial content on social media by issuing warning notices to 18 'finfluencers'-individuals who use social media platforms to discuss financial products and investments. These actions are part of a coordinated international initiative targeting unlicensed promotion of high-risk financial products. - read more

Virgin Australia Launches In-Cabin Flights for Pets

10 Feb 2026: Paige Estritori

Virgin Australia has unveiled its 'Pets in Cabin' service, a pioneering initiative that allows passengers to travel with their pets in the aircraft cabin on select domestic routes. This service caters to Australia's substantial pet-owning population, offering a more comfortable and convenient travel option for both pets and their owners. - read more

Honda Leads Australian Motorcycle Sales with 21,901 Units in 2025

10 Feb 2026: Paige Estritori

Honda Australia has emerged as the leading motorcycle brand in 2025, achieving a remarkable 10% increase in sales over the previous year. The company sold a total of 21,901 motorcycles, solidifying its position at the forefront of the Australian market. - read more

Click for more Finance News

Truck Loans Articles

The Most Important Factors to Consider When Buying a Truck

Buying a truck is a major investment, whether it's for personal use or business purposes. With the plethora of options available in the Australian market, it's important to consider various factors before making a purchase. Your specific needs, budget, lifestyle, and work requirements should be taken into account before making a decision to ensure the truck you buy fits your needs. - read more

Why a Pre-Approval Can Give You an Advantage When Buying a Truck

When purchasing a truck, whether for personal use or business, navigating the financial landscape can be daunting. This is where pre-approval comes into play. But what exactly does pre-approval mean in the context of buying a truck? - read more

The Ins and Outs of Commercial Truck Loans: A Buyer's Guide in Australia

Commercial trucks serve as the lifeblood of the Australian economy, providing vital links between industries and markets across the vast landscapes. The importance of these heavy-duty vehicles cannot be overstated, as they are pivotal in ensuring the smooth operation of both urban and rural businesses alike. Engaging in the commercial truck market is a significant investment, and understanding the ins and outs of financing such a purchase is crucial for business success. - read more

How to Choose the Right Lender for Your Commercial Truck Loan

For many Australian businesses, purchasing a commercial vehicle is a significant investment that often requires financial assistance. Understanding the intricacies of truck financing is crucial, as the right loan can affect your company's bottom line and operational efficiency. With a plethora of lenders offering myriad loan products, choosing the most advantageous deal can be daunting. - read more

Maximizing Your Fleet Potential: How Truck Financing Shapes Success

Trucks play a pivotal role in the Australian logistics and transport industry, serving as the lifeblood that keeps commerce flowing. The dependable rumble of engines crisscrossing the nation's highways is more than just a symbol of industry; it's a critical component of productivity and economic stability. Without these workhorses facilitating the timely movement of goods, the Australian market would face significant challenges meeting the demands of both businesses and consumers alike. - read more

Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!

Knowledgebase

Balance Sheet:
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.