Lease finance is usually used for the purchase of motor vehicles; however, leases can also be entered into for office equipment, machinery and agricultural equipment. Leases can be entered into with banks, money market corporations, finance companies, public authorities, trading and financial enterprises, and non-profit organisations.
In 2003-04, there was $26.9 million in lease finance commitments in Tasmania, a decrease of $10.8 million (28.6%) on the 2002-03 figure of $37.7 million. The value of lease finance commitments for motor vehicles decreased by $4.9 million between 2002-03 and 2003-04, to $17.1 million. In the same period, finance commitments in agricultural, construction and manufacturing equipment increased by $0.2 million (100.0%), to $0.4 million. The value of lease finance commitments for motor vehicles accounted for 63.6% of the total lease finance commitments in 2003-04.
VALUE OF LEASE FINANCE COMMITMENTS, Tasmania(a)
|Agricultural, construction and manufacturing equipment|
|Other (including other transport equipment)|
|Total lease finance|
(a) Excludes leveraged leases.
Source: Lending Finance, Australia - Time Series Spreadsheet (cat. no. 5671.0, table L7).