2 March 2018
Banana growers in north Queensland affected by Panama disease are encouraged to contact their bank to access a range of hardship measures on offer.
Australian Banking Association CEO Anna Bligh said banks understood the challenges facing growers in the region because of the new outbreak of the disease and were on hand to help.
“This is a challenging time for banana growers in north Queensland who are contending with the effects of the Panama disease or the threat of it,” Ms Bligh said.
“An outbreak, or threat of outbreak, can have a significant impact on income and cashflow, causing heavy financial strain on farmers.
“We strongly encourage farmers who are concerned about their financial situation to contact their bank as early as possible to access the many forms of assistance available.
“Banks understand that agriculture can be heavily impacted by weather and seasons therefore can be flexible where needed to help customers in need,” she 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.
Find out the contact details of your bank’s financial hardship team here.
Over the past few months Australia’s major banks have met with representatives from the Queensland Government and the banana industry about the effects of Panama disease.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Tom Connell Those people with a home loan who have had a fixed rate are getting a shock as they come off that fixed rate. Often as low as two percent and onto the new variable rate that can be as high as six or even seven percent. So how is that affecting people out… Read more »
Australians facing difficult financial decisions are being reminded to get in touch with their bank and get the support they need to keep repayments on track. The Australian Banking Association (ABA) is extending its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run… Read more »
Steve Austin Well as you know, the Commonwealth Government has made it clear they consider access to cash a priority for the Australian economy and the country’s largest banks, as well as Coles, Woolworths, companies like Wesfarmers and Australia Post have been trying to put together a short term lifeline for Armaguard, who’s the company… Read more »