Millions in further drought assistance announced

17/05/2019 Posted by admin

Minister for Agriculture Barnaby Joyce announced a further $100 million in Drought Recovery Concessional Loans earlier this week. Minister for Agriculture Barnaby Joyce announced a further $100 million in Drought Recovery Concessional Loans earlier this week.
Nanjing Night Net

Eligible farm businesses will be able to apply for loans up to 50 per cent of total eligible debt to a maximum of $1 million in total, over 10 years.

The variable interest rate initially will be set at 3.2 per cent and reviewed on a six-monthly basis.

Interest only repayments will be available for the first five years of the Drought Recovery Concessional Loans scheme.

Member for Parkes Mark Coulton said he welcomed the announcement, which would allow farmers to get back on track when the drought breaks.

“These loans are not for those farmers who are going through a short dry spell,” he said.

“These loans are for the farmers who have been struggling through the worst drought in living memory.

“Farmers will have to demonstrate that they have experienced either a one in 50 or a one in 100 year rainfall deficiency, which is really a very specific area.

“Farms around Walgett, Lightning Ridge and Brewarrina have gone for three years without putting in a crop and this assistance is designed to enable planting or restocking to assist farmers to transition to full production as soon as possible.”

Bouke mayor Andrew Lewis said a number of farmers in his electorate are seeking government assistance.

But he was unsure whether farmers would seek to “take on more debt.”

Mr Coulton said the Drought Recovery Concessional Loans are another form of considerable assistance made to farmers.

Farmers have accessed more than $700 million to date through the Farm Household Allowance, Drought Concessional Loans and social support.

This story Administrator ready to work first appeared on Nanjing Night Net.

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