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 Queensland, New South Wales and Victoria. Concessional loans scheme guidelines for Western Australia, South Australia and the Northern Territory have been formally approved by the Australian Government and loans should be available in those jurisdictions shortly.Negotiations are continuing between the Australian Government and Tasmania.
- Media release - Increased access to Farm Finance – 4 December 2013
Previous media releases
- Media release Extra assistance to support farmers – 6 November 2013
- Media release - Victorian farmers get access to Farm Finance – 12 July 2013
- Media release - Queensland farmers first to benefit from Farm Finance – 11 July 2013
04 Dec 2013