Government announces farmers will get cheap loans

The government will subsidise loans for farmers. Loans up to $1 million, or 50 per cent of a farm business’s debt (whichever is lower) will be available.

Up to $280 million in concessional loans will be available to eligible drought-affected farm businesses for debt restructuring, operating expenses and drought recovery activities.

No details on the terms of the loans were publicised yesterday. State primary industry agencies will administer the loans.

Source: Banking Day