Rural debt and industry outlook were the focus of a bi-annual Agricultural Finance Forum that brought together Government, finance and agriculture sector representatives in Canberra. Source: Timberbiz
Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, said the forum discussed the economic outlook for the rural sector, with the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) providing an overview of future prospects and forecasts for major agriculture, fisheries and forestry industries.
“ABARES figures indicate that overall farm equity levels remain high, but it’s clear some geographic pockets are under significant pressure,” Minister Ludwig said.
“While some areas of Australian agriculture are doing well, others are doing it tough, so it’s important we discuss what the pressures are and ways forward.”
Minister Ludwig said the forum provided an important outlet for communication between the agriculture sector, Government and financial institutions on rural debt.
“There are already measures in place to help farmers experiencing financial hardship, such as the Rural Financial Counselling Service, but I’m concerned to hear that the number of farmers accessing this kind of assistance is increasing,” he said.
“Today was an important opportunity to discuss the economic outlook for our farmers, many of whom are recovering after recent floods and fires.
“The Gillard Government will continue to work with the agriculture sector and look at ways we can assist our farmers.”
The Agricultural Finance Forum comprises representatives from major rural lenders, the Australian Bankers’ Association, Abacus Australian Mutuals, the National Farmers’ Federation and the National Rural Advisory Council.
