Isuzu Trucks has thrown its weight behind recently announced government economic stimulus support, welcoming measures designed to insulate Australian businesses from the unfolding COVID-19–led economic downturn.
The federal government has committed to a significant business stimulus package, totalling upwards of $200 billion. The package, comprising several initiatives and programs, are all aimed at keeping businesses operating and the economy moving.
Isuzu Trucks says the broader stimulus measures complement the government’s affirmation of the critical role played by the freight and transport sector in continuing to provide essential supplies and services.
Isuzu Australia Limited Director and Chief Operating Officer, Andrew Harbison, acknowledged the comprehensive suite of initiatives recently announced and noted the Instant Asset Write-Off (IAWO) threshold increase as a critical measure Australian businesses can take advantage of, especially those reliant on capital equipment in their daily operations.
“As this unprecedented health and economic crisis continues to unfold and disrupt, we’re encouraged to see the federal government take the necessary action to help Australian businesses survive,”
Mr Harbison said.
“The IAWO measures are of particular note as they allow businesses to immediately write-off multiple asset purchases, realise significant tax deductions and provide cash-flow benefits in the process.
“This assistance presents a clear economic benefit for a range of businesses, but also helps to meet the increased demand on the road transport and logistics sectors right now,” he said.
There are a variety of other initiatives that have been announced including the Backing Business Investment accelerated depreciation schedules, support for the flow of credit and the many programs focused on individuals and families.
Mr Harbison said that for the road transport and logistics sector to achieve strong economic recovery there was a heavy reliance on a nationally consistent, collective approach.
“The lead from the federal and state governments in designing and rolling out these programs in these trying times is to be applauded,” Mr Harbison said.
“It’s this foundational public support and the confidence-building measures that allow individual businesses to also take the required steps and to continue to invest, and slowly we can build the much-needed critical mass.
“We hear a lot about being ‘in this together’ in relation to the COVID crisis, and the same is true in an industry-specific sense.
“If we’re cognizant of the benefits of closing ranks around our sector and taking full advantage of the measures on offer, we stand the best chance possible to recover, and recover well.”
Reaffirming the brand’s commitment to ensuring all Australians have continued access to essential supplies, Mr Harbison underlined the importance of maintaining Australia’s diverse supply chains.
“We have a specific role as a capital equipment OEM; we remain committed to ensuring our customers have every support they need during this difficult time, and we’ll continue to do so.
“Notably, Isuzu Trucks wants to thank every Australian continuing to work in the freight and road transport sector during this crisis.
“It’s an uncertain time and yes, there are many unknowns. But as a galvanised collective, we give ourselves a good chance to see a strong recovery as a transport sector and as a nation,” Mr Harbison concluded.