The major bank puts this down to farmers, as agribusiness equpiment finance has grown 33% from 30 September 2019 to 30 September 2021.

Tractor finance is also up 69% over the same period, and NAB's regional and agribusiness executive, Julie Rynski, says Australian winter crop production will reach a record high of 58.4 million tonnes.

"[This is] even with flooding causing some losses and downgrades across several production regions," Ms Rynski said.

"The area planted to summer crops in 2021–22 is forecast to increase by 36% to reach 1.4 million hectares.

"Farmers are also being incentivised by the instant asset write-off scheme, which was expanded substantially in the 2020-2021 Federal Budget to $150,000, largely as a COVID-19 stimulus measure.

"In the 2021-2022 Federal Budget, the scheme was extended for one year to 30 June 2023, providing a longer window of opportunity for agribusinesses to make on-farm investments."

NAB finance for trucks and trailers is up 40% over the past two years, while construction equipment finance such as for cranes and earth movers is up 39%.

"This is reflective of the ongoing migration of many capital city residents to regional Australia, which is great news for regional communities and their local economies," Ms Rynski said.

"Overall regional net migration grew by a further +14% over the quarter to September 2021, according to data released by the Regional Australia Institute."

Largely untapped SME loan scheme gets extended

Earlier this week the Morrison Government announced it is extending the SME Recovery Loan Scheme by a further six months to June 2022.

To-date about 80,000 loans worth approximately $7.3 billion have been written under the scheme since it began in March 2020.

This is well-short of original estimates as the Government in 2020 earmarked up to $40 billion for the Scheme.

The Scheme allows small businesses with turnover less than $250 million to access loans up to $5 million over a term of up to 10 years.

However the Government in the latest round reduced the loan guarantee from 80% to 50%.


In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.


FixedUnsecuredN/AMore details
Loan amounts from $2k to $75k
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Loan amounts from $2k to $75k

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
FixedUnsecuredN/AN/AMore details

Unsecured Personal Loan (Excellent Credit)

    VariableUnsecuredN/AN/AMore details

    Personal Loan

      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

      The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

      Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 29, 2024. View disclaimer.

      Pictured: Mogul Brahman Stud manager Glen Pfeffer. Photo by Harrison Astbury