Tasmanian farmers welcomed the Reserve Bank’s hold on interest rates today, saying the nation was looking to a period of stability, particularly in light of the uncertainty the US Congress had created by procrastinating on the lifting of the debt ceiling.
“Our farmers face a lack of competitiveness through the high Australian dollar, which makes our exports unattractive,” Tasmanian Farmers and Graziers Association chief executive Jan Davis said today.
“The level of indebtedness for most farm businesses would not have been helped by interest rates going up.
“Nationally, rural debt has almost doubled in the past nine years due mainly to extreme climate conditions in Australia.
“Higher interest rates only serve to slow the rate of rebuilding our businesses,” she said.
Jan Davis, TFGA
