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.
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.
“Many people don’t realise how prevalent financial abuse is and that it may be a red flag for future violence.”