Continued support for dairy industry
With the distinct drop in milk prices earlier in year, the prospect of decreased profit margins and ultimately less money in the bank left many wondering if they could continue in the dairy industry.
In a joint government announcement, Agriculture Minister Barnaby Joyce and Primary Industries Minister Niall Blair launched a low interest loan scheme to assist struggling dairy farmers.
Low interest, 10 year loans will be available to eligible dairy farms for debt restructuring, operating expenses and to fund modifications to a farm business to help it recalibrate its operations to lower milk prices.
These loans currently have an interest rate of 2.71 per cent, falling to 2.66 per cent on 1 August, to ease the burden dairy farmers currently face in a difficult market. Dairy Recovery Concessional Loans are available for the next two years through to 30 June 2018.
The Dairy Recovery Concessional Loan Scheme is a part of a Federal $579 million support package announced in June to assist dairy farmers through the current challenge and return to profitability.
Potential applicants can contact the NSW Rural Assistance Authority toll-free on 1800 678 593 or visit raa.nsw.gov.au to clarify eligibility criteria, or any other issues relating to this assistance.
For more information on the range of Australian Government assistance for farmers, farm businesses and rural communities, visit agriculture.gov.au/assistance.