New Farm Debt Restructure Office Welcomed

AgForce has welcomed the establishment of a new Farm Debt Restructure Office to assist Queensland farmers in financial distress to access expert advice.

ag debt financeAgForce General President Grant Maudsley says with more than two-thirds of Queensland drought declared, many primary producers were still doing it tough and the new office could assist those with debt difficulties.

“Many regions in western Queensland were first officially drought declared in early to mid-2013, so producers in those areas have effectively had five years with rainfall deficits.”

“During extended dry periods, producers need to find solutions to debt challenges and the assistance provided through this new debt restructure office could help producers find those solutions.”

Mr Maudsley says AgForce had been calling for better access to professional business advice for farmers via forums such as the Rural Debt and Drought Taskforce and Parliamentary inquiries, and was pleased those calls had now been heeded.

“Access to affordable financing is vital for the development of agriculture and debt is just a fact of life for many agribusinesses, with the total national rural debt reaching $72 billion in November 2017 and an average debt of about $637,000 per Queensland farm.”

“AgForce is eager for primary producers to address any problems with non-performing debt as soon as they emerge and this new office could help.”

More information about the Farm Business Analysis Assistance program and the Farm Debt Restructure Office is available at www.qrida.qld.gov.au/fdro or Freecall 1800 623 946.