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Mar 16, 2009

Credit Crunch * Australia - Affects truckies

Truck drivers are increasingly worried about accessing credit

Sydney,AUST -ABC Rural -16 March 2009: -- The Australian Trucking Association is asking transport companies to fill out it a survey, to confirm reports it's received that the industry is finding it hard to borrow from major lenders... Rob McIntosh, the president of NatRoad, the peak body for road transporters, says the problem is making it hard to buy new equipment... "Typically in transport, like all machinery, including farmers, we need to upgrade our vehicles reasonably regularly, and what we're noticing is that the requirements for the approval process are tightening up"...

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Mar 11, 2009

CREDIT SHORTAGE * Australia - Raises ATA's eyebrows

Sydney,Australia -ATN -12 March 2009: -- The Australian Trucking Association (ATA) has expressed its concern over the apparent shortage of credit for trucking companies and says it will raise the issue with the Federal Government... ATA Chairman Trevor Martyn says major lenders have cut back on issuing finance to transport companies... “A number of major lenders have effectively stopped lending to transport companies, or are charging higher interest rates than the market average,” Martyn says... The National Bank of Australia (NAB) denies its policy on lending to transport companies has changed and says its policy on lending is the same for all types of business...

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