25 May 2016
Sydney, 25 May 2016: Banks are supporting dairy farmers impacted by the sudden changes to their businesses with the recent reduction in farm gate milk prices, the Australian Bankers’ Association said today.
“Changes to farm gate prices have come at a time when many dairy farmers are experiencing the effects of ongoing drought and increased business costs,” ABA Executive Director – Retail Policy Diane Tate said.
“This can present some significant challenges for income and cashflow. We strongly encourage dairy farmers who are concerned about their financial situation to contact their bank – the earlier the better – to see what help is available,” she said.
“Banks understand that the agriculture industry is heavily impacted by seasonal factors and price fluctuations.
“That’s why banks take a longer-term view in agricultural lending. They work with farmers who may be experiencing financial difficulties and can put in place special loan arrangements,” Ms Tate said.
The type of assistance offered will depend on individual circumstances, but may include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases, and
- Debt consolidation to help make repayments more manageable.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The ABA welcomes the release of the Council of Financial Regulators’ (CFR) reviewinto small and medium-sized banks. ABA CEO Anna Bligh said the review findings and recommendations would helpensure there is a more level playing field for Australia’s small and mid-tier banks. “This is an important step forward in ensuring Australia maintains a strong andcompetitive… Read more »
EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »
The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »