Leader of The Nationals David Littleproud said the Drought Forum has only reiterated the
need to provide farmers with interest free loans, which the former Coalition Government
previously provided.
“Farmers at the Drought Forum are crying out for action and outcomes, not just more
talkfests,” Mr Littleproud said.
“The drought is impacting farmers, especially the dairy industry. Australian Dairy Farmers is
reiterating our calls for interest free loans for a minimum of two years. Why is Labor hosting
drought forums but then not answering their request?”
In 2020 the Coalition introduced a two-year interest-free period for loans up to $2 million
through the RIC for farmers experiencing drought hardship.
The zero per cent interest rate applied to new and existing drought loans under the Regional
Investment Corporation and enabled farm families to refinance existing debt from
commercial lenders, to save on cashflow and give them time to restock and replant.
The measure helped farmers from going bankrupt.
Member for Parkes Jamie Chaffey said after attending the two-day forum in Gawler, it was
made abundantly clear the impact the drought is having on South Australia and other parts
of the community.
“I heard the messages loud and clear, with one organisation after the other saying that
interest free loans, under these extreme circumstances, are immediately needed,” Mr
Chaffey said.
“While the Minister stated the Government’s response to the Regional Investment
Corporation (RIC) review will be released late this year, for many, that may be too late.”
The Coalition established the RIC in 2018 to support farmers and help them grow and
diversify. It is important legacy funding, to support farmers through drought hardship.