Banks not passing on rate cuts to farmers

Farmers say they are not being treated fairly by their banks because they have not received the same level of interest rate relief as homeowners. Several of the big banks immediately passed on the December rate cut to farmers and small businesses, but most banks have not passed on the previous November rate cuts to agricultural loans and overdrafts. The Australian Bankers Association said farmers were not being singled out and were getting the same rates as other small businesses. Wool, dairy, wheat and cotton prices are all below the levels of one year ago.

Source: The Australian Financial Review