The NSW Farmers’ Association has welcomed Sunday’s announcement of additional funding and initiatives, while calling for the Australian Government to defer both loan interest and principal repayments until it rains.
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President of NSW Farmers’ James Jackson said the announcement recognised the challenges farmers face accessing water and fodder.
“It is good to see that the Australian Government will underwrite local councils to provide access to water, which a number have already commenced in response to NSW Farmers’ local advocacy,” he said.
“The increase from $1million to $2million for low interest loans will help farmers to increase on-farm infrastructure to store the grain and fodder generously provided through community appeals.
“However, while low interest loans are helpful, there is a limit to the amount of debt that farm businesses can carry and still be in a viable position to fund the costs of restocking and replanting when the drought breaks.
“All measures that recognise farmers are business people are welcome. Most are managing cash flows with costs outweighing receipts, and the accelerated depreciation will be of help.
“NSW Farmers calls on the Australian Government to defer both loan interest and principle repayments until it rains, as has been announced by the NSW Government for loans under the Farm Innovation Fund.
“The additional funding for long term forecasting will be of benefit, but until it rains, farmers will continue to focus on maintaining the welfare of their core breeding stock and ensuring there is adequate moisture to maintain planting and horticulture activities.”
Mr Jackson said he hoped funding for water projects would provide support for local employment and regional business.
