Big banks back dairy farmers

The major banks have all offered relief measures for Australian dairy farmers. ANZ has offered its dairy customers a three-month moratorium on loan repayment, waived loan restructuring fees and also waived penalties on early access to term deposits.

Westpac said it would not foreclose on any dairy business “over the next few months” and announced it was prepared to work with farmers on a case by case basis.

Commonwealth Bank is offering an extension of loans and repayment holidays, and waiving term deposit withdrawal restrictions.

National Australia Bank and Rabobank (a big agribusiness banker) said they support their dairy industry customers.

Source: ABC Online