Joyce welcomes ANZ moratorium for drought stressed farmers
11 December 2014
I would like to congratulate ANZ on responding to the well held concerns of farmers in drought affected parts of Queensland and New South Wales and the concerns held by the public in general that these farmers are treated fairly.
As we have stated, we much prefer the banks to manage their own situation rather than the government having to intervene. And these are precisely the actions that show how a bank has the capacity to assist in these difficult times.
ANZ has announced a comprehensive support package for drought stressed farm businesses including a 12-month moratorium on new farm repossessions until December 2015 among other practical measures.
We must allow for the orderly transition from drought to the strong cash flow that we have worked for by the opening of new markets and the expansion of the live cattle and live sheep trade.
Cattle and sheep production have a great future in these areas of Queensland and New South Wales as does cropping and grain sales with the lower Australian dollar.
This government has been committed to getting a better return to the farm gate, keeping Australian farming families on the farm and making sure that people are treated with dignity as they do their bit for our nation, feeding our cities and earning our export dollars.