Member for Mallee Dr Anne Webster says this week’s Drought Forum in Gawler, South Australia has only reiterated the need to restore the former Coalition Government’s initiative to give farmers interest free loans.
“Farmers at the Drought Forum are crying out for action and outcomes, not just more talkfests and I am hearing similar from farmers across Mallee” Dr Webster said.
“Drought conditions have been a major setback for Mallee and Wimmera farmers and I note Australian Dairy Farmers are reiterating our calls for interest free loans for a minimum of two years. Why is Labor hosting drought forums but then not giving farmers what they are asking for?”
In 2020 the Coalition introduced a two-year interest-free period for loans up to $2 million through the Regional Investment Corporation (RIC) for farmers experiencing drought hardship.
The zero per cent interest rate applied to new and existing drought loans under the RIC and enabled farm families to refinance existing debt from commercial lenders, to save on cashflow and give them time to restock and replant.
Dr Webster says the measure helped farmers from going bankrupt.
