Measures designed to insulate Australian businesses, especially in the freight and transport sector, from the unfolding COVID-19–led economic downturn have been welcomed by Isuzu Trucks.
The commercial vehicle manufacturer today threw its support behind the $200 billion stimulus package rubber stamped to keep businesses operating during en masse lockdowns for industry and commercial enterprises that were adversely affected by the current conditions.
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,” he said in a statement.
“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," said Harbison.
“This assistance presents 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.”
Other significant initiatives announced by the Federal Government included the Backing Business Investment accelerated depreciation schedules, support for the flow of credit and the many programs focused on individuals and families.
A reliance on a nationally consistent, collective approach would be needed to achieve strong economic recovery for the road transport and logistics sector according to Harbison.
“The lead from the federal and state governments in designing and rolling out these programs in these trying times is to be applauded,” he 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 cognisant 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.”
He added that Isuzu, as a capital equipment original equipment manufacturer, had a specific role to play and was committed to ensuring its customers were given every support that they needed during these difficult times.
“Isuzu Trucks wants to thank every Australian continuing to work in the freight and road transport sector during this crisis," he said.
“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,” Harbison noted.