Federal Member for Nicholls Sam Birrell says dry conditions across northern Victoria require the Albanese Government to act urgently ahead of any formal declaration of drought.
“Farmers are struggling, their stock and crops are struggling, they need assistance now,” Mr Birrell said.
“In 2020 the Coalition introduced a two-year interest free period for Regional Investment Corporation (RIC) loans up to $2 million for farmers experiencing hardship, this can and should be done again now to give primary producers some financial breathing space.
“The combined impacts of drought and floods means that fodder is scarce and expensive, farmers are having to destock and cropping seasons will be bleak without decent rain.”
Mr Birrell welcomed the government’s announcement of a $2 million boost for the Rural Financial Counselling Service but said more can be done.
“The stress and strain on farming families grows the drier it gets, and we know from bitter experience the mental health toll it takes,” he said.
“A zero per cent interest rate for new and existing drought loans and to refinance existing debt from commercial banks is a practical measure to improve cash flow and give farmers time to restock and replant.
“Nationals Leader David Littleproud has written to Agriculture Minister Julie Collins requesting finance support and ... I hope the minister acts sooner rather than later.”
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