The Australian Government’s Farm Finance program has four measures which aim to build the ongoing financial resilience of farm businesses:
- short-term assistance in the form of concessional loans for productivity enhancement projects or debt restructuring
- funding for around 17 additional fulltime counsellors with the Rural Financial Counselling Service
- increasing the non-primary production income threshold for Farm Management Deposits (FMDs) from $65 000 to $100 000, and allowing consolidation of existing FMD accounts
- establishing a nationally consistent approach to farm debt mediation.
The Farm Finance Concessional Loans Scheme is available in Victoria, Queensland, South Australia, Western Australia, the Northern Territory and Tasmania. Applications for 2013-14 Farm Finance loans in New South Wales have now closed.
Types of loans (debt restructuring or productivity enhancement), loan terms and loan amounts differ between each state and the Northern Territory as each program has been tailored to meet the needs of each jurisdiction’s farming sector.
- Round two of Farm Finance loans available to NSW producers - 11 March 2014
- Farm Finance rolls out across the Northern Territory – 24 February 2014
- Support for Tasmanian farmers – 20 December 2013
- Farm Finance available for Tasmanian farmers – 13 January 2014
- Applications open for Farm Finance in South Australia – 19 December 2013
- Increased access to Farm Finance – 4 December 2013
- Extra assistance to support farmers – 6 November 2013
08 Apr 2014