Farmers still making loan repayments
Executives at the National Australia Bank (NAB) are confident that farmers have managed to keep up their loan repayments during the drought. NAB has been working closely with rural clients to manage loans and had restructured some repayments. Wayne Carlson, NAB's agribusiness general manager, said that even though Australia is experiencing a downturn, there is not a massive trend of bad debts and that 70 per cent of farmers had interest rate protection. NAB is the leading financier to the rural sector with $11 billion in loans and 34,000 customers.