NatRoad has welcomed the opening of the Federal Government’s plan to offer zero interest loans to manufacturing and logistic firms as part of the $1 billion Economic Resilience Program, describing it as a significant win for the road transport industry and claiming it came as a direct result of sustained advocacy the organisation applied on behalf of operators who are doing it tough.
The program, drawn from the National Reconstruction Fund, is offers zero-interest loans to manufacturing and logistics businesses impacted by fuel price disruption and supply chain volatility.
Freight is explicitly named as an eligible sector, and loans can be used to cover increased operating costs caused by rising fuel prices.
NatRoad CEO, Warren Clark said the Government deserved credit for moving quickly to deliver a practical, targeted response to the fuel crisis.
“This is exactly what NatRoad has been calling for – accessible, targeted financial support that recognises both the critical role road transport plays in keeping this country moving and the significant increase in fuel costs faced by the transport industry” Clark said.
“The Government has responded quickly, and that effort should be acknowledged.”
“Truckies have been doing it extremely tough and this program gives operators a genuine pathway to get through a very difficult period, and we encourage every eligible business to explore it today,” he said.
Clark said the opening of the program marked an important milestone in the industry’s response to the fuel crisis, with NatRoad’s recent survey data underscoring the urgency.
“Around 70 per cent of operators told us they can only sustain their business for six months or less if current conditions persist,” he said.
“This program won’t solve everything, but it is a meaningful and welcome intervention right now.”
NatRoad said it will monitor implementation closely to ensure the program reaches those who need it most. Normal bank credit assessment applies, and the association warned operators already under financial stress may face barriers to qualifying.
“We want this program to succeed, and we will continue to work constructively with the National Reconstruction Fund Corporation and relevant ministers to make sure it does,” Mr Clark said. “If small operators are being excluded in practice, we will be raising that immediately.”
Eligible businesses are encouraged to apply directly through participating banks or visit the Economic Resilience Program page at nrf.gov.au/what-we-do/investment-sub-funds/economic-resilience-program for full details on eligibility and how to apply.
