The rental and leasing industry has been changed forever by the Covid-19 crisis and is facing big structural changes shaped by technology.
A Westpac report on the rental and leasing sector, which hires out cars, household goods, computer and industrial machinery, said it was likely to remain subdued for some time, but longer-term prospects were positive.
The shutdown of the tourism industry saw demand for passenger and recreational vehicles plummet, while machinery and equipment rentals were adversely affected by reduced construction, manufacturing and services activity.
Total industry turnover was $5.1 billion in 2018, and was expected to contract this year, while still outperforming the rest of the economy.