Australians love their boating and with the boating season now underway, even with floods and heavy rainfall in many parts of the country, there is still great news and updates to keep up with. In this week’s news we have a wrap on the Melbourne Boat Show, a more positive outlook from the Bureau of Meteorology, another new launching ramp opened and our outlook on boat loans for buyers.
Melbourne Boat Show Wrap
It was hardly going to be in doubt that the Melbourne International Boat Show would be a great success. After three years without a major show, Victorian boat lovers would have been counting the days to the opening of the 2022 event. Organisers, the Boating Industry Association Victoria, report that the event was a great success.
Despite heavy rainfall and floods impacted some areas of Victoria over the weekend, great numbers turned up at Docklands to immerse themselves in aspects of the boating lifestyle. And to buy a new boat! The BIAV reported record crowds attending as the see the appetite for boating rising in the state. N
The feedback received by the Association from exhibitors has been extremely positive. In the report, the BIAVIC quoted Rachel Crook of The Yacht Sales Co. as saying they had a strong show with a constant visitor flow and would return for next year’s event. Several other exhibitors reported good orders including a walk-up order for a yacht priced above $400,000.
CEO of BIAV, Steve Walker commented that the satisfaction of exhibitors was a key performance indicator for the event and the feedback indicated that was achieved if not exceeded. Plans will now get underway no doubt for the 2023 show.
Warnings and Alerts for Riverine Boating
Due to the floods, there will be many dangers lurking in NSW and Victorian rivers for some weeks. Authorities have issued multiple warnings and alerts to stay out of flooded waterways as it is known what may lie below the surface.
Boaters should be extremely vigilant and take extra care when boating in rivers and lakes in coming weeks and possibly months.
Update on La Nina Looking Better
The Bureau of Meteorology (BOM) issued a Climate Driver Update on 25 October which has some better news on the horizon. While La Nina is underway, the latest modelling indicates that a return to what is known as ENSO-neutral early in 2023.
The Bureau says that this is sooner than normal explaining that most of these ENSO events will typically peak late in summer and decay in the autumn season. One model is signalling an earlier return of the IOD to the neutral position.
That could be great news for boaters as it means several months of summer and summery boating conditions to be enjoyed as La Nina bids farewell. Great news and great incentive to get on with that new boat purchase.
Lake Conjola, NSW Boat Ramp
At Lake Conjola in the south coast NSW region, boat owners are celebrating the opening of a new launching ramp. The new ramp with a floating pontoon is located at Havilland Street at Conjola Park and has been a major project by the Shoalhaven City Council.
The ramp has two lanes and provides deep water launching access on the western areas of the lake. 26 car and trailer packing spaces have been provided.
The new ramp provides an excellent new facility for local and visiting boaters and was completed with part funding through the NSW Government Boating Now program. This is a great facility and may be worth a visit to the south coast NSW to try it out.
Boat Loans Outlook
On the finance and lending front, there doesn’t seem to be a week pass without a new set of data or report released which has an impact. This past week saw the Treasurer Jim Chalmers bring down his mini-budget and the release of the latest inflation figures.
The latest inflation figures were released by the ABS on 26 October with the rate reaching a 32 year high of 7.3%. While some media are reporting this as sending shockwaves through the economy, in reality, many had it already on the radar. In several recent monetary policy statements announcing rate decisions, the RBA had forecast inflation to rise to 7.75% in 2022 before falling in 2023 and not approaching target until 2024.
The announcement comes just a day after the mini-budget from Treasurer Jim Chalmers which is not being seen as offering much if anything in cost of living relief. The biggest issue for most Australians at the moment.
So with all this happening in the same week, what next for interest rates and especially boat loan interest rates?
The Budget in itself does not have a direct affect on interest rates. Though the policies and decisions may influence the outlook for the economy and the lending market by lenders who may make their own rate changes accordingly.
The inflation rate definitely has an impact on interest rates. It is the reason that RBA has embarked on the recent series of rate increases and indicated more are to come. The RBA Board will next meet on Tuesday 1 November and another rate rise is expected.
With ongoing rate increases, the priority for boat buyers seeking finance will be to find the cheapest interest rate boat loans. That is exactly where we can assist with our broker-style lender service. We continue to achieve better rates across our boat finance portfolio.
To get a new boat to enjoy the upcoming summer season, speak with us about a pre-approved boat loan to get started.
Contact Jade Boat Loans on 1300 000 003 for boat finance on all types of boats and watercraft.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
