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Fairer Finance for Aussie Farmers

01 May 2013

AUSTRALIA - The Gillard Government will boost support and assistance to farmers struggling with acute levels of debt with a new package of measures to support the rural sector.

The high dollar and depreciation of land values are putting significant pressure on many farmers, leaving otherwise viable farms facing serious difficulty to stay operational.

Farm Finance will help strengthen Australia’s agricultural sector, making sure all Australian farmers can take full advantage of the opportunities ahead.

The Gillard Government has been working with farmers to develop a number practical policy measures to give farmers a fairer deal for accessing finance.

Farmers from around Australia along with peak farming bodies have contributed to the development of Farm Finance.

The Gillard Government held a Rural Finance Roundtable in October 2012 which brought together representatives of the rural and banking sectors to discuss access to finance and farm debt.

At the Roundtable the Government heard first-hand accounts from parts of the agriculture sector experiencing acute debt pressures due to lower land valuations, low product prices, and high input costs.

The Government will support our farmers so they can seize the opportunities of the future, support jobs in regional Australia and continue to feed the nation and the world.

Farm Finance will provide assistance to viable agricultural businesses and help them prepare their businesses for the future.

Farm Finance consists of four measures:

  • concessional loans to help restructure debt and invest in productivity
  • extra rural financial counsellors to work directly with farm businesses
  • progressing a nationally consistent approach to debt mediation across the country; and
  • enhancing the Farm Management Deposits Scheme.

The Government has written to the State and Northern Territory (NT) Governments asking for their support in delivering components of the package.

 

TheCropSite News Desk



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