CBA reports electric vehicle financing up 346% image credit shutterstock

Australian businesses are stepping up their investment plans over the past 12 months despite the slowing economy. Data from Commonwealth Bank of Australia shows a 22% year-over-year uplift in vehicle and equipment financing.

The new figures show a record number of businesses are financing greener assets. Electric vehicle fleets are up more than threefold (325%) and hybrid motor vehicles up 120%. Small businesses are leading the way on this front. Specifically, they are leveraging CBA’s Green Vehicle and Equipment Finance, with electric vehicle financing up 346%.

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Manufacturers are also stepping up their investment in new assets. There is a 24% jump in funding of manufacturing and industrial equipment such as manufacturing lines, forklifts, and scissor lifts. Funding activity has been particularly strong among regional manufacturers and agribusinesses (up 42%). This is led by purchases on moulding machines, packing and cutting machines, silos and other food manufacturing machinery.

CBA’s Executive General Manager of Business Lending, Grant Cairns, says the broad-based increase reflects post-covid business growth. And there is evidence of businesses evolving their models to invest in energy efficiency improvements.

“Business confidence remains strong despite economic headwinds from higher rates and inflation. We are seeing growing investment in assets across agriculture and manufacturing. This is supported by an improved supply chain landscape in a post-Covid world,” said Cairns.

“Companies are also stepping up investment in the energy transition. More businesses are looking to improve energy efficiency through equipment upgrades or increased adoption of electrified transportation and replacement fleets. Part of this shift is driven by customers taking advantage of government rebates and subsidies.”

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