Quarter Four 2021

The fourth quarter for 2021 continued the positive momentum across most markets to make 2021 a stellar year. There were solid results across road transport, motor vehicles,  earthmoving and mining equipment.

Highlights from the fourth quarter included some very successful auctions for road transport and earthmoving across our Brisbane, Roma and Newcastle offices.

The quarter in short:

  • New truck sales saw a 20.1% increase on 2020 sales.
  • The supply of second-hand heavy-duty, medium-duty and light-duty trucks at auction has been subdued.
  • Caterpillar’s fourth-quarter 2021 sales and revenues up 23%; full-year sales and revenues up 22%.
  • Supply issues in the new Earthmoving market are having a positive effect on second hand and auction markets.
  • Tractor sales have exceeded 18,000 units for 2021 which has resulted in a 25% rise in sales compared to 2020.
  • Toyota finished at the top of the Australian new-car sales charts for the 25th time.
  • New car sales increased by 14.5%, finishing 2021 with 1,049,831 registrations. This result is despite buyers continuously facing significant delivery delays.
  • MG finished 9th, Great Wall 14th as China manufacturers grow at pace.
  • Electric vehicles sales up almost 200%.
  • Classic and collectible cars along with rare number plates continue to sell extremely well and break records.
  • This quarter we were able to successfully assist BDO in the matter of Pacific Air ExpressAustralia Pty Ltd (Receivers & Managers Appointed) in selling the 1985 Boeing 757 Freighter aircraft as part of a receivership.

Road Transport

Key Point Summary
  • New truck sales saw a 20.1% increase on 2020 sales.
  • In the heavy duty sector the highest seller was Kenworth with 2,838 sales and a 34.3% increase on last year.
  • Due to supply issues and plant closures, Volvo’s heavy-duty trucks sales dropped from 1,740 in 2020 to 1,683 in 2021.
  • The supply of second-hand heavy-duty, medium-duty and light-duty trucks at auction has been subdued.
  • End users are holding onto trucks for longer due to the limited stock available in the new market. 

New Road Transport

Overall, there were 41,404 new trucks sold in 2021, reflecting a 20.1% increase on 2020 sales. Just short by 224, 2021 sales almost reached 2018’s record-setting tally.

With numerous brands breaking record sales, it was Isuzu that led 2021 sales overall with 10,175 new transport sales across all segments. This beats Isuzu’s last record-hitting number in 2018 by 148. Due to supply issues and plant closures, Volvo’s heavy-duty trucks sales dropped from 1,740 in 2020 to 1,683 in 2021 

 

Top 10 New Truck Sales by Brand

  

BRAND  SALES  CHANGE 
Isuzu  10,175  Up 23.0% 
Hino  6,251  Up 20.3% 
Fuso  4,770  Up 35.2% 
Kenworth  2,838  Up 34.3% 
Mercedes-Benz  1,729  Up 33.9% 
Volvo  1,727  Down 5.2% 
IVECO  1,361  Down 3.4% 
Scania  1,129  Up 27.4% 
UD Trucks  777  Up 34.2% 
DAF  718  Up 42.7% 

 

Heavy-duty trucks  

The highest seller in the heavy-duty new truck market was Kenworth with 2,838 sales and a 34.3.% increase compared to last year’s numbers. The second highest seller was Volvo. 

Other European brands such as Mercedes Benz and Scania enhanced their sales results from last year with both truck makers topping 1,000 heavy-duty truck sales for the year.
 

Top 10 Ranked New Heavy-Duty Trucks 

BRAND  SALES  CHANGE 
Kenworth  2,838  Up 34.3% 
Volvo  1,683  Down 3.9% 
Isuzu  1,515  Up 20.7% 
Mercedes-Benz  1,218  Up 31.0% 
Scania  1,129  Up 28.3% 
DAF  682  Down 41.2% 
Hino  583  Down 21.0% 
Fuso  575  Up 32.8% 
Mack  566  Down 19.7% 
UD Trucks  464  Up 2.9% 

 

Medium-duty trucks  

Isuzu came out on top of the medium duty market with 3,067 new medium truck sales and their market share increased to 41.5%. The second highest medium truck seller was Hino with 2,322 units sold. While Hino increased on its 2020 sales this year, the brand suffered a market share fall of over 2%. 

 

Top 10 Ranked Medium-Duty Truck Brands 

  

BRAND  SALES  CHANGE YTD 
Isuzu  3,067  Up 15.0% 
Hino  2,322  Up 3.4% 
Fuso  1,451  Up 35.1% 
UD Trucks  166  Up 44.4% 
IVECO  97  Down 38.6% 
MAN  78  Down 56.2% 
Mercedes-Benz  72  Up 71.4% 
Volvo  44  Down 45.7% 
DAF  36  Up 80.0% 
Dennis Eagle  5  Up 400.0% 

 

Light-duty trucks  

As with the medium-duty truck sales, Isuzu also lead the light-duty truck sales with 2,247 sales and a 39% market share. Closely following Isuzu in the light-truck sales was Hino. Overall, the three Japanese brands, Isuzu, Hino and Fuso dominated the light-duty sector representing 81.4% of sales.

 

Secondary Road Transport

The supply of second-hand heavy-duty, medium-duty and light-duty trucks at auction has been subdued because of the supply chain issues in the new market. End users are holding onto trucks for longer due to the limited stock available in the new market. The new heavy-duty sector has been impacted the most of all the truck segments.
  

On top of the well-known global supply chain issues reducing the turnover of fleet assets, there were a variety of additional factors that saw reduced volumes into the secondary market during the quarter four of 2021. These included the government stimulus programs coupled with extended moratoriums on enforcement action from lenders and the ATO which together resulted in much fewer distressed asset sales over the year.  

 

Demand has remained extraordinarily strong for assets in the secondary market, which coupled with the low supply has resulted in outstanding results over the quarter and the overall 2021 calendar year.

 

 Heavy-duty trucks continue to sell well at auction as evidenced by the recent sale of a 2019 Mercedes Benz Actros 2658 Prime Mover for $225,000. This figure is equal to full retail value.


Medium and light-duty trucks are selling well at auction, with little stock available. Our WA team sold a 2012 Fuso Fighter for $30,100 representing 90% of the retail price.
 

 

Due to the shortage of trucks even older, non-mobile trucks are also selling well with a 2008 Kenworth T908 Prime recently selling for $185,100 in QLD, reflecting full retail value.

 

The end of 2021 saw one of the best auctions seen in Newcastle for several years. This auction was primarily based around a construction company selling off their transport fleet. Up for auction was a fleet of late model Mercedes prime movers. The jewels in the crown were two 2021 Mercedes Benz Actros 2658 (580 Horsepower) prime movers. One of these had 60,000km on the clock and the other was showing 117,000km. They made $290k and $284k respectively. 

 

 The above results were remarkably close to new prices.  The Mercedes dealer who had orignally sold these trucks to the construction company did not expect new models to arrive for another 10 to 12 months at a minimum, which was a best-case scenario and only in extremely limited stock.  

 

The extremely strong results on the 2021 plated trucks then pushed up the demand for the older trucks. One of the highlights of this auction was a 2011 Kenworth K200 prime mover. Despite its age, the enquiries on this truck in the lead up to the auction was phenomenal. This was then reflected in its sale result $142k achieving 100% of its retail price. The sought-after Kenworth brand showed its class in this instance. 


The trailer market is showing strong demand for low loaders, side tippers, curtainsiders, Pantechs, and refrigerated Pantechs. The team in QLD recently sold a 2008 Maxitrans ST3 Refrigerated Pantech for $30,000, reflecting 90% of the retail value. Meanwhile, the VIC team sold a 2017 ATM Low Loader Trailer for $152,537, representing 84% of the retail value.
 

 

Assets Kms/Hours Price
Achieved
% of
retail
State
2019 Western Star 4864 FXB Prime Mover 556,805 km/h $197,100 90% QLD
2008 Kenworth T908 Prime Mover 231,910 km/h $185,100 100% QLD
2015 Kenworth K200 Prime Mover 568,923 km/h $181,100 100% QLD
2017 Mitsubishi FN 600 Refrigerated Pantech 235,898 km/h $122,500 100% QLD
2017 Kenworth T409 SAR & 2018 BTE Quin Tipper 322,765 km/h $275,100 100% QLD
2018 Freightliner Coronado 73,675 km/h $156,100 94% WA
2013 Scania R620 708,217 km/h $90,000 82% WA
2012 Fuso Fighter 213,515 km/h $30,100 90% WA
2006 Daewoo School Bus 560,241 km/h $60,100 110% WA
2006 Daewoo School Bus 560,241 km/h $60,100 110% WA
2017 Kenworth K200 6x4 Prime Mover DC319058 376,617 km/h $216,512 70% VIC
2014 Mitsubishi Fuso Fighter 1024 DC319072 182,153 km/h $40,364 68% VIC
2015 Mercedes Benz with 2020 ACM280 EWP DC319028 4,558 km/h $190,400 63% VIC
2017 Isuzu FSR700 4x2 Curtainsider DC319156 259,504 km/h $71,372 80% VIC
2010 Isuzu FRR500 DC319136 55,469 km/h $50,156 63% VIC
2016 Mercedes Bemz Actros 2663 DC319198 951,078 km/h $106,624 89% VIC
2021 Mercedes Benz Actros 2658 Prime Mover 59,424 km/h $290,000 100% NSW
2021 Mercedes Benz Actros 2658 Prime Mover 117,094 km/h $284,000 100% NSW
2019 Mercedes Benz Actros 2658 Prime Mover 361,989 km/h $225,000 100% NSW
2018 Freightliner Argosy Prime Mover 347,630 km/h $160,000 100% NSW
2011 Kenworth K200 Prime Mover 1,022,814 km/h $142,000 100% NSW

Mining & Earthmoving

Key Point Summary
  • Caterpillar’s fourth-quarter 2021 sales and revenues up 23%; full-year sales and revenues up 22%.
  • In the Asia Pacific region growth was a more modest 9%.
  • The main gains were in the Resource (up 29%), Energy and Transport (up 18%) industries.
  • Supply issues in the new market is having a positive effect on second hand and auction markets.
  • Demand is high, particularly good quality, low hour gear.

New Mining & Earthmoving

Profitability in the new earthmoving sector has advanced in the 2021 fourth quarter. This is reflected in the Cat 2021 fourth quarter report, which conveyed a 23% increase from the fourth quarter of 2020. Diving into the Asia pacific region specifically it saw a more modest 9% sales and revenue increase. The main gains were in the Resource (up 29%), Energy and Transport (up 18%) industries. The constructions industry in the Asia Pacific region had a drop of 12% over the quarter primarily due to the lower sales in China which dominates this area.  

 

Gaining an understanding of the numbers for Australia is difficult however Caterpillar has noted that the drop in construction by China has been softened by other areas being stable in the region. i.e. Australia. Anecdotal feedback from local dealers has suggested demand is strong for new equipment with production and supply being the main issue as to why sales have dropped.  

  

Numerous external factors had a positive effect on the new earthmoving market in Australia for the 2021 fourth quarter including Government initiatives; rising infrastructure development and construction activity; the need for latest technology in construction machinery; and the introduction of autonomous equipment in the market. 

Secondary Mining & Earthmoving

Good quality, low hour earthmoving equipment continues to sell extremely well at auction. With supply chain issues continuing to cause delays in delivery times for new machinery, the second-hand market reaps the benefits. Infrastructure spending as part of post-COVID stimulus programs being rolledout around the country, and the instant asset write-off has also impacted the second-hand earthmoving market significantly. This was evident in the recent sale of a 2012 Caterpillar 140M Motor Grader for $240,400, representing 100% of market value.  

 

As the Major Transport Infrastructure Projects graph shows, Australia is experiencing a surge in infrastructure investment. This plays a crucial role in the prosperity of the earthmoving market. The graph portrays a peak in infrastructure next year, a plateau for a little while and then descension.  

 

Smaller earthmoving equipment such as mini excavators and skid steer loaders are also selling extremely well and are in high demand. A 2015 JCB 260T Skid Steer Loader sold for $65,000, reflecting 90% of market value.  

 

Older, higher hour machines, particularly excavators are not selling as well as they were earlier in 2021. A 2018 Hyundai Robex Excavator DC46212-1 was sold this quarter for 52,006 reflecting only 65% of market value. 

Assets Kms/Hours Price
Achieved
% of
retail
State
2013 Caterpillar 725 Articulated Water Truck 5,944 km/h $247,000 90% QLD
2012 Komatsu WA480-6 Wheel Loader 12,769 km/h $101,100 90% QLD
2013 John Deere 870G Motor Grader 7,423 km/h $264,000 110% QLD
2012 Caterpillar 140M Motor Grader 9,489 hkm/h $240,400 100% QLD
2012 Caterpillar 432F Backhoe Loader 6,293 km/h $71,100 90% QLD
2015 JCB 260T Skid Steer Loader 1,352 km/h $65,000 90% QLD
2009 Caterpillar 12M Grader 8,858 km/h $187,000 98% NSW
2009 Caterpillar 12M Grader 11,448 km/h $165,000 95% NSW
2008 Caterpillar 12M Grader (no front blade) 10,000 km/h $165,000 100% NSW
2016 Bobcat S450 Skid Steer Loader 3,227 km/h $35,250 88% NSW

Agriculture

Key Point Summary
  • Tractor sales have exceeded 18,000 units for 2021 which has resulted in a 25% rise in sales compared to 2020. 
  • Supply chain issues are also a factor, in some instances, agricultural equipment is experiencing long lead times of 9 – 12 m of 9 – 12 months. 
  • The second-hand and auction markets have also been strong with Tractors, Combine Harvesters and other agricultural equipment being in high demand. 

New Agriculture

Australian agriculture is in very good shape with seasonal conditions and strong commodity prices driving the market.  Supply chain issues are also a factor, in some instances agricultural equipment is suffering lead times of 9 – 12 months. 

 

Agricultural Machinery sales soared in 2021 in line with favourable seasonal conditions across much of Australia. The growth in new tractor sales continued, while harvester sales dominated the latter quarter of the year. Tractor and Machinery Association of Australia executive director Gary Northover said more than 1,000 harvesters have been sold, a figure not seen since 2011. 

Tractor sales have exceeded 18,000 units for 2021 following another stellar month in December with sales across the nation up 2% on the same month last year. This has resulted in a full year rise of 25% above last year. 

 

Sales have been strong in all states fuelled by the excellent harvest season underway supported by the Government’s various company tax incentive programs. Beginning in NSW sales were up 4% for the month and are now 39% ahead for the year. Queensland was again strong up 3% and finished up 23% full year whilst Victoria was down 2% in December but was up 14% up for the year. 

Sales in Western Australia recorded a drop of 1% for the month following a frantic harvest season, to be 33% ahead for the year. South Australia had a 5% lift for the month and was up 16% full year, Tasmania bounced again and finished 22% up for the year whilst sales into the Northern Territory enjoyed a strong year to be 21% up. 

Much has been written about the challenges surrounding supply, not just relating to Agricultural machines. Industry forecasts for 2022 indicate another solid year ahead supported by very healthy commodities markets. 

Secondary Agriculture

The second-hand and auction markets have also been strong with Tractors, Combine Harvesters and other agricultural equipment being in high demand.  

  

The Federal Government’s Temporary Full Expensing program which essentially replaces the Instant Asset Write Off scheme will continue to support demand.  The good seasonal conditions, and historically low interest rates are also driving the market.  

 

Quarter four has seen high demand but very little agricultural stock coming through the auction platform. An ex-council 2016 New Holland T5.95 4WD Tractor with 5,772 hours was put to auction selling to an end-user for $45,804, 75% of retail value. In QLD we had two Case Quadtrac 550 Articulated Crawler Tractor go up for sales. The 2018 model sold for $261,000 and the 2017 model sold for $200,000 both achieving 90% of their retail value. Highlighting the demand for general use tractors we had a 2014 John Deere 6105M Tractor with 7,136 hrs on the clock sell for $36,600 achieving 100% of its retail value.  

Assets Kms/Hours Price
Achieved
% of
retail
State
2018 Case Quadtrac 550 Articulated Crawler Tractor 2,535 km/hr $261,000 90% QLD
2017 Case Quadtrac 550 Articulated Crawler Tractor 3,567 km/hr $200,000 90% QLD
Bell Feller Ultra Buncher 8,379 km/hr $53,100 90% QLD
2014 John Deere 6105M Tractor 7,136 km/hr $36,600 100% QLD
2019 SL 120 Tractor 178 km/hr $20,400 90% QLD

Vehicles

Key Point Summary
  • Toyota finished at the top of the Australian new-car sales charts for the 25th time.
  • New car sales increased by 14.5%, finishing 2021 with 1,049,831 registrations. This result is despite buyers continuously facing significant delivery delays.
  • Second-hand car sales remain strong.
  • HiLux edges out Ranger into top spot.
  • Toyota top, Mazda second, Hyundai edges out Ford for third.
  • MG ninth, Great Wall 14th as China manufacturers grow at pace.
  • Private sales growing, business fleets far less as Covid travel restrictions and work from home decrease demand. 
  • Electric vehicles up almost 200%.

New Vehicles

In the face of the pandemic and incessant delivery issues caused by part shortages, new car registrations in Australia increased 2020’s new car sales by 14.5%, finishing 2021 with 1,049,831 registrations. This result is in spite of buyers continuously facing significant delivery delays.  

The highest selling brand for the fourth quarter of 2021 and for the 25th year in a row was Toyota, ending the year with four models in the top 10 selling brands. With 223,642 sales, the brand increased 2020’s results by 9.2% and delivered a 21.3% market share.  

The highest selling model was the Toyota Hilux Ute. The 4×4 dual cab increased last year’s sales by 16.9% with 52,801 sold by the end of the fourth quarter. Finishing closely in second place was the Ford Ranger with 50,279 sales and a 22.7% increase. Other high-ranking Toyota models included the RAV4 which ranked third with 35,751 sales and the Corolla, finishing in fourth place with 28,768.

 Top 10 Brands 

BRAND  SALES  CHANGE 
Toyota  223,642  Up 9.2% 
Mazda  101,119  Up 18.1% 
Hyundai  72,872  Up 12.4% 
Ford  71,380  Up 19.8% 
Kia  67,964  Up 21.2% 
Mitsubishi  67,732  Up 16.1% 
Nissan  41,263  Up 7.7% 
Volkswagen  40,770  Up 3.8% 
MG  39,025  Up 155.9% 
Subaru  37,015  Up 17.5% 

 

The second highest selling car brand was Mazda. The automaker sold 101,119 new vehicles, giving an 18.1% increase on last year’s sales. The CX-5 was the only Mazda model in the top ten, coming in seventh with a tally of 24,968 and a 13.6% increase compared to 2020 sales.  

Hyundai capped off a mixed year in third place with 72,872 (+12.4%) units, helped along by the success of the i30 hatch and sedan range that captured 25,575 (+23.3%) sales to land in fifth place and be one of only two passenger cars to make the top 10. 

Ford had a bumper year, increasing its overall sales by 19.8% for a 2021 haul of 71,380 units. The second-placed Ranger’s sales make up just over 70% of Ford’s total tally. The next best-selling Ford is the Ranger-based Everest on 8359 sales, some 42,000 less than Ranger. The Ranger’s result is especially impressive given the new-generation model is set to land early in 2022. 

 Top 10 Models: 

MODEL  SALES 
Toyota HiLux  52,801 
Ford Ranger  50,279 
Toyota RAV4  35,751 
Toyota Corolla  28,768 
Hyundai i30  25,575 
Isuzu D-Max  25,117 
Mazda CX-5  24,968 
Toyota Prado  21,299 
Mitsubishi Triton  19,232 
MG ZS  18,423 

 

Chinese carmaker MG Motor nabbed a year-end top 10 spot for the first time, landing in ninth with 39,025 sales, an impressive 156% increase on 2020. 

 MG’s success came across its model line, with strong results for the baby MG3 light hatch (13,774, +92.4%), while the ZS (18,423) edged out the Cerato to place 10th, making it the country’s most popular small SUV thanks to a 235% sales increase. 

 Of the premium marques, Mercedes-Benz (28,348, -3.8%) took honours, followed by fellow Germans BMW (24,891, +5.8%) and Audi (16,003, +0.9%). 

Battery electric vehicle sales continued to increase last year by 191.1%, but the segment still only represents 0.5% of the total market.

Top 10 BEV & PHEV models 

  • Tesla Model 3 – 12,094 
  • MG ZS – 1388 
  • Mitsubishi Outlander – 592 
  • MG HS – 580
  • Porsche Taycan 531
  • Hyundai Kona 505
  • Volvo XC40 495
  • Hyundai Ioniq 407
  • Nissan Leaf 367
  • Mercedes-Benz EQA 367 

Secondary Vehicles

The secondary market demand is still very strong with new car sales stalling as a result of ongoing supply shortages. The fourth quarter of 2021 showed a high demand for quality, late model low kilometre motor vehicles at auction.  

New car stock arrivals from overseas have continued to be low throughout the fourth quarter and aren’t expected to pick up soon. Lead times for most dealers are passing 3 months with some dealers continuing to report a 12 month lead time on new car arrivals.  One Victorian dealer forecasts that there will continue to be a shortage in the volume of second-hand vehicles through to 2023.  

Wholesale buyers are still reporting low stock volumes, this supply issue is continuing to impact the secondary car market prices through auction.  Along with repossessions being very limited in October and November, with a small spike early December before bank moratoriums commenced. 

The most popular vehicles at auction with both dealers and end user buyers have been dual cab utilities, and SUV/Wagons. To this point in November a 2018 Ford Ranger Raptor sold for $66,993, 92% of retail value. Many buyers are still electing to buy second-hand rather than wait for delivery of new stock.  Auction results are still strong which was affirmed in December 2021 when our Queensland team sold a 2017 Tesla Model X for $145,000, showing 43,969 kms, 100% of retail. 

Assets Kms/Hours Price
Achieved
% of
retail
State
2017 Holden Trailblazer 53,661 km/hr $43,555 90% QLD
2014 Toyota Landcruiser Dual Cab 87,122 km/hr $65,200 90% QLD
2020 Toyota Landcruiser Dual Cab 35,142 km/hr $83,800 100% QLD
2018 BMW M4 28,327 km/hr $88,300 100% QLD
2020 Isuzu D-Max Dual Cab 16,720 km/hr $49,800 100% QLD
2018 Toyota Hiace LWB 48,825 km/hr $40,200 90% QLD
2020 Mercedes Benz GLS 400D 14,759 km/hr $149,000 100% QLD
2017 Ford Mustang GT 40,017 km/hr $47,600 90% WA
2019 Volkswagen Golf R 59,161 km/hr $47,400 92% WA
Toyota Hilux 2019 work mate c/c 20,120 km/hr $23,700 85% NSW
509091 Range Rover Autobiograhy 18,879 km/hr $200,000 90% NSW
509257 2011 toyota hiace slwb 250,969 km/hr $22,101 110% NSW

Classic Cars

Key Point Summary

Classic and collectible cars continue to sell extremely well and break records.  A booming market, investor interest in classic and collectible cars as a genuine investment opportunity, or collectors seeking rare and hard to find cars have driven the market over the past 18 months.  Ford and Holden classics from the 1960’s, 1970’s and 1980’s are proving the most popular with collectors and investors.  The last of the Holden V8’s manufactured in Australia in 2017 are also proving popular. To this point, we had a 2017 HSV GTS R Maloo sold in our QLD auction for $205,000 achieving 100% of its retail price.  

The market for Q Plates (Heritage Plates) in Queensland has seen unprecedented growth throughout 2021.  Q Plates have traditionally lagged Victorian & NSW Heritage plates in value, however, whilst Victorian & NSW plates still attract a premium, Q Plates are catching up.  The market has recognised Q Plates are undervalued as compared to Victorian & NSW Heritage plates, and Q Plates have been keenly sought after over the past 12 months.  In early 2021 three digit Q Plates were selling in the high teens, by the end of 2021 they were making up to $145,000. 

Assets Kms/Hours Price
Achieved
% of
retail
State
1967 Morris Mini MKII 25145 km/hr $25,100 100% QLD
2017 HSV GTS R Maloo 2,835 km/hr $205,000 100% QLD
2010 HSV Clubsport R8 16,942 km/hr $73,000 90% QLD
1977 XC Ford Falcon 500 Hardtop (Salvage) 192,618 km/hr $21,000 100% QLD

Aviation

Key Point Summary

This quarter we were able to successfully assist BDO in the matter of Pacific Air Express Australia Pty Ltd (Receivers & Managers Appointed) in selling the 1985 Boeing 757 Freighter aircraft as part of the receivership. Whilst the exact sale price cannot be revealed for confidentiality reasons, the aircraft sold at around our expectations. 

 

The sale campaign encompassed a highly targeted worldwide marketing campaign to relevant companies and individuals to maximise exposure and interest. The campaign was very well received in the market by industry participants and international there was significant qualified interest and multiple offers received. 

 

The aircraft transaction settled, and the aircraft departed Australia in October.