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James Walker, a Longreach farmer, is acutely aware of the need to diversify to protect farm income from the ravages of the last drought in Queensland and New South Wales
. Walker said the decision to take on other commercial interests, including a 15-megawatt solar farm and tourism on his 8,000-hectare farm in western Queensland, would allow
Admits that it's frustrating to reduce his sheep numbers when commodity prices are climbing, but he had no choice.
"The main thing is that we have to spread.It is what Australian agriculture is – it's variable, so you have to be more and more agile," said Mr. Walker at The Australian Financial Review
<img src = "https://www.afr.com/content/dam/images/g/m/q/r/v/u/image.imgtype.afrArticleInline .620×0.png / 1455133068008.jpg "alt =" Farmer James Walker after a rain shower in 2016 It was not enough to end the drought. 9006] The farmer James Walker after a rain shower in 2016. This was not enough to end the drought.
Debbie Scott
As the Turnbull government holds a roundtable on the drought Monday in Canberra with representatives of the rural sector and the banking industry, there is hope that farmers will be a little less flexible. ] Advertisement
It follows the recent hearings of the Royal Banking Commission in Brisbane, which described trouble stories about farmers losing their properties because of the drought after the banks demanded their land. loans.
income from the rental of 40 acres to a solar farm as well as a tourist attraction "yacht club outback" – said that he hoped that the result of the drought working group will allow the farmers to respond more quickly when the rains have finally arrived. The government, to allow farmers to rebuild, will help farmers to gain financial literacy, which will really help them, "he said.
" Now, we must plan. it's not a 100-meter sprint, you're ready to speed up your plans when the time is right.
Agriculture Minister David Littleproud, who pushed the banks to set a timetable for the supply of He said the roundtable had focused on drought preparedness and resilience and on the looking for the best ways to help farmers overcome the cyclical nature of agriculture. Business. Another concern raised at the meeting was that state governments impose stamp duties on multi-risk crop insurance, which can add 10% more to farmers
.
"There are no gold rivers to come – we have already invested $ 1.3 billion in this mandate and we will not go back to interest rate subsidies – but I think it's still important to listen and hear what can 'Banks agreed to continue discussions on farm management fields and how the model could be improved, this which I really rejoice "[traduction]. 19659012] More flexibility
M. Littleproud had already asked banks to give farmers more flexibility, saying that customers in capital cities could enter a bank and offset their savings against a home loan.
fo The system would allow farmers to withdraw money from their taxable income in good years by depositing it in a farm management deposit account. The primary producers were then able to withdraw the money during a bad year and pay the tax on the withdrawal then.
Anna Bligh, Executive Director of the Australian Banking Association, said banks were ready to help communities affected by drought.
"Clients are encouraged to contact their bank to discuss the arrangements available to them," she said.
The aid may include the deferral of scheduled loan repayments, the waiver of fees and fees, and defer the payment of interest on a case-by-case basis.
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