fbpx
Skip to main content
Tropical Cyclone Seroja: Emergency Assistance

Concerned dairy farmers encouraged to contact their bank

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

@austbankersbankers.asn.au

Latest news

1 / 3
Support available for customers affected by Tropical Cyclone Seroja
15 April 2021

Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »

Read more
Media Releases
Banks unite to help customers experiencing financial abuse
4 April 2021

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.

Read more
Media Releases
Banks call for consistent laws to prevent elder abuse
31 March 2021

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.

Read more