A RANGE of measures to relieve financial strain on struggling farmers has been included in the Federal Government’s Agricultural White Paper.
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Primary producers nationwide will be able to double their farm managed deposits (FMD) to $800,000 from July 2016 under the rural manifesto launched by Prime Minister Tony Abbott today.
Banks will also allow farmers to use FMDs as a business loan offset, reducing interest costs estimated at up to $150 million annually under the tax reforms set to be phased in next financial year.
Mr Abbott will visit a farm outside Warrnambool this morning to officially launch the White Paper which will set out the federal government’s rural agenda for the coming years.
He will make the announcement alongside Wannon MP Dan Tehan and Agriculture Minister Barnaby Joyce.
The Prime Minister told The Standard last night that Australia’s agricultural sector was set to boom over the coming years.
“As far as a lot of Australians who aren’t involved with agriculture - they need to appreciate that it will be a bigger part of Australia’s future than the recent past,” Mr Abbott said.
“The important thing is to invest significantly more in agriculture.
“It’s important to do it intelligently and I think when people see the White Paper, they will appreciate that not only has this been driven by wide community consultation but it’s been developed by a government that understands agriculture.”
The Prime Minister said the south-west was selected due to Mr Tehan’s advocacy on rural policy.
“Well it is an important moment (for my government), and I thought it was important to do it in an electorate with a very hard-working member who is going places,” Mr Abbott said.
A draft green paper was released at the National Farmer Federation’s annual congress last year with today’s document representing measures that the government will enact.
Funding measures detailed in the White Paper include more than $11 million to improve links between the agricultural sector and the Australian Competition and Consumer Commission. Nearly $14 million will be spent on a two-year pilot program based on co-operatives and collective bargaining.
Mr Joyce is scheduled to speak about the White Paper’s finer details at the National Press Club on Monday.
