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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.

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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.

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Agricultural Competitiveness White Paper

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.

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Choosing the right loan for your needs

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. 

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$100 million new drought recovery loan scheme announced

$100 million new drought recovery loan scheme announced

16 January 2015

In early December, the minister for agriculture, Barnaby Joyce, announced targeted government assistance for drought-affected farmers in Queensland and New South Wales through the $100 million Drought Recovery Concessional Loans Scheme.

Minister Joyce said the government’s drought recovery loans would target farm businesses that are in need of financial assistance as a result of severe and protracted drought conditions. 

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