Federal Government Announces Additional $2 Billion For Drought Loans
23 July 2020
- An additional $2 billion announced for the RIC’s drought-related loans
- Applications for interest-free loan terms will close 30 September
- Applications received after 30 September will still have record low interest rates
- AgriStarter Loan applications will open from 1 January 2021
- An additional $50 million in RIC operational funding to deliver more loans
The additional funding is in response to solid demand for RIC's drought loan products and effectively doubles RIC's total farm and small business loan funds to $4b.
Minister for Agriculture, Drought and Emergency Management David Littleproud said unprecedented demand for the concessional loans showed what a useful support mechanism it had become for rural businesses.
"These loans have been critical in helping farmers and small businesses facing hardship due to the drought."
A new record low variable interest rate of 1.92 per cent for farm business loans and 1.46 per cent for water infrastructure loans will be effective from 1 August 2020.
RIC Loans assist drought affected farmers
21 December 2018
Government-backed, low-interest loans from the Regional Investment Corporation (RIC) have been doubled from up to $1 million per eligible farm business, to a new ceiling of $2 million.
The federal government launched the Orange-based RIC on 1 July 2018 to replace state agencies’ loan schemes. Its purpose is to deliver farm investment loans and drought loans to help farm businesses prepare for, manage or recover from the effects of drought.
How do the loans work?
The RIC’s two loan products offer a 10-year term with interest-only repayments for the first five, a variable interest rate of 3.58 percent and no fees. The frequency of repayments, and how much principal must be repaid in the second half of the loan before it is refinanced with a commercial lender, is tailored to each business.
The Drought Loan can be used for farm-related activities including refinancing debt, funding drought related activities, enhancing productivity, or paying for operating expenses and capital improvements.
Boyce Chartered Accountants and CRDC release interim 2018 crop profitability analysis
26 July 2018
We are pleased to announce the 2018 interim profitability results for the irrigated cotton industry.
These interim results highlight another great year for irrigated cotton showing average operating profits of $2,516/Ha. This is an increase in profitability of $959/Ha from the 2017 year.
For the past four years we have seen significant and sustained profit growth in the industry.
To download a copy of the report, please click here.
Agricultural Competitiveness White Paper
7 July 2015
The federal government has released the long awaited Agriculture Competiveness White Paper in which they pledge to deliver practical actions that will keep our farmers and farming families profitable and resilient.
In essence, the White Paper is the government’s way of recognising the importance of agriculture in Australia and working towards building a system to enable Australia’s farmers to be globally competitive.
Choosing the right loan for your needs
10 June 2015
The NSW Rural Assistance Authority (RAA) provides assistance to rural producers and small business in regional NSW through programs and loans.
In broad terms the function of the RAA is to administer a wide range of assistance measures to the rural sector to encourage self-reliance and adaptation to change.