Interest rates on loans delivered under the Farm Finance Concessional Loans Scheme will fall to 4.34 per cent from 1 February.
Federal Minister for Agriculture Barnaby Joyce said that falling interest rates were good news for farmers facing difficult conditions.
“The government has listened to farmers and what they’ve told us is that they need access to finance at lower rates to sustain and rebuild their business during protracted drought,” Minister Joyce said.
“Agricultural exports are vital to the balance of trade in Australia. These schemes are designed to ensure that viable farms can continue to be an essential contributor to the national economy.”
The Australian Government reviews the interest rate applied to the Farm Finance and Drought Concessional Loans Schemes on a six monthly basis. Adjustments to the concessional interest rates are made in accordance with material changes to the Commonwealth five year bond rate.
The TFGA encourages farm businesses that have questions to contact its Farm Finance officers here.
Federal Minister for Agriculture Barnaby Joyce
