MEMBER for Mallee Anne Webster is calling for Labor to bring back interest-free loans for farmers from the Regional Investment Corporation, impacted by drought-like conditions.
Dr Webster said farmers had been simultaneously devastated by record low rainfall, drought and – in other parts of the nation – recent floods.
“I was speaking with affected farmers in Mallee and the Leader of the Nationals and Shadow Agriculture Minister David Littleproud in Wodonga on the weekend remembering how, in 2020, the Coalition introduced a two-year interest free period for loans up to $2 million for farmers experiencing hardship during the drought,” Dr Webster said.
“The zero per cent interest rate applied to new and existing drought loans and to refinance existing debt from a farmer’s commercial bank, to give farmers some breathing space, saving them cashflow and giving them time to restock and replant.
“The Coalition’s 2020 initiative stopped a lot of farms from going bankrupt.
“It is clear recent rain and drought events are really hurting farmers, which is why I am calling on Labor to revisit this RIC loan product.”
Mr Littleproud has written to Agriculture Minister Julie Collins, requesting support for farmers dealing with floods and drought.
Dr Webster said current assistance doesn’t go far enough and farmers would get much-needed reprieve by having access to a $2 million loan with an initial two-year interest free period, then three years interest only, then five years principal and interest.
“Mallee farmers are suffering severe rainfall deficiencies, and some are in drought, and I have been speaking with farmers across the electorate in recent weeks about the distress they are experiencing,” she said.
“Our farmers are feeling significant pain, and it is now time to make this loan product available for drought-affected farmers.”
