Top three issues for young farmers: capital, money management, succession

Westpac Agribusiness and Future Farmers Network (FFN) are looking to deliver solutions on the pressing need of attracting and retaining young farmers in Australian beef production if the industry is to take advantage of new opportunities arising both domestically and internationally in Australian agriculture.

Westpac Agribusiness is determined to continue its support for agribusiness entrepreneurs having announced an agribusiness theme for the second round of The Westpac Innovation Challenge as they addressed visitors to Beef Australia 2015 in Rockhampton.

“Prospects for Australia’s beef industry are very strong with the recent Free Trade Agreements that Australia has entered into with Japan, Korea and China, and global dietary trends showing increasing demand for red meat protein,” said Westpac’s General Manager of Agribusiness Steve Hannan.

“But the number of Australian farmers under 35 has fallen by 75% since 1976 . If we can’t make agriculture a profitable, secure and attractive proposition for young farmers, then the industry risks stagnating, missing out on the fresh energy and new ideas that younger people can bring.”

Westpac Agribusiness and FFN are working together to build skills, knowledge and passion for agriculture in younger demographics through practical support in financial education with Westpac’s Davidson Institute.

The top three areas where the partnership is providing support to young farmers are access to capital, financial management, and farm succession planning.

Michael Burgess, FFN Executive Officer, says that having access to equity at the level required to generate profit in agriculture is a major barrier to young farmers.

“Finding ways to reduce the financial risks of agriculture for younger participants would help us attract and keep innovative thinkers in the industry, and give young farmers encouragement and support to capitalise on good economic and climatic conditions,” he said.

“Financial management and succession planning are major issues for young farmers, especially when dealing with family operated farms and agribusinesses.

“Thanks to the partnership with Westpac Agribusiness, we can bring professional, highly credible financial education and information to our members, who are farmers and agribusiness people aged 18 to 35.”

Steve Hannan encouraged young Australian farmers to take up Westpac’s Innovation Challenge.

“We will award a $40,000 prize to the entrepreneur that creates the most useful and innovative digital solution for Westpac’s agribusiness customers,” he said.

“The winner will also receive a six-month placement in our partner BlueChilli’s start-up accelerator program, offering potential for further investment opportunities.

“Progress is when ambition meets opportunity, that is exactly what this Award is all about. Who better to enter than bright people already involved in agribusiness? I hope to see a young farmer or agribusiness professional with a great idea win this round of the challenge,” said Mr Hannan.

Westpac Agribusiness has been supporting Australian agriculture and the people that work within it for nearly 200 years.
Melanie Elms