25 May 2016
Sydney, 25 May 2016: Banks are supporting dairy farmers impacted by the sudden changes to their businesses with the recent reduction in farm gate milk prices, the Australian Bankers’ Association said today.
“Changes to farm gate prices have come at a time when many dairy farmers are experiencing the effects of ongoing drought and increased business costs,” ABA Executive Director – Retail Policy Diane Tate said.
“This can present some significant challenges for income and cashflow. We strongly encourage dairy farmers who are concerned about their financial situation to contact their bank – the earlier the better – to see what help is available,” she said.
“Banks understand that the agriculture industry is heavily impacted by seasonal factors and price fluctuations.
“That’s why banks take a longer-term view in agricultural lending. They work with farmers who may be experiencing financial difficulties and can put in place special loan arrangements,” Ms Tate 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.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
We write on behalf of the undersigned Alliance of Industry Associations to raise a growing concern aboutgovernment’s inadequate consultation on recent complex legislative and regulatory reforms. We represent 30groups from across the economy including small, medium and large businesses, farmers, builders, retailers,universities and tax and accounting professionals. Our organisations support genuine and timely consultation as… Read more »
The ABA welcomes the release of the Federal Government’s response to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial abuse, released today. ABA CEO Simon Birmingham acknowledged the important work of the committee as well as the Government’s response and said banks were committed to protecting customers from the scourge of… Read more »
E&OERadio InterviewInterview ABC Statewide Drive Victoria9 October 2026 Topics: Regional banking Jane Nield: Well, do you still have a bank branch in your local area? If you’re one of the more than 600 regional locations nationwide that have lost a bank in the last few years, did it have a big impact? So often, it… Read more »