Interview with Chris Guscott, Around SA

E&OE TRANSCRIPT
RADIO INTERVIEW 
AROUND SA 
THURSDAY, 11 DECEMBER 2025

SUBJECTS: Support for farmers and producers through the Regional Investment Corporation

CHRIS GUSCOTT: Furthering on from our discussion in regards to a recent Review into the RIC loans, as well as some additional streams and parts to this that have been added as we continue to have farmers, of course, going through not only drought but also with the Algal bloom crisis as well. Kind enough to join us to talk further about this, following the announcement a little earlier on today, the Federal Minister for Agriculture, Fisheries and Forestry, Julie Collins. How are we today, Julie?

MINISTER FOR AGRICULTURE, FISHERIES AND FORESTRY, JULIE COLLINS: I'm terrific, thank you and it's great to be with you, Chris. And good afternoon to your listeners.

GUSCOTT: So, let's start with the Review itself because we'll get into the specific of what's been announced today a little later, but let's start with the Review. What were some of the headlining recommendations and findings that were well-released within this?

COLLINS: Thank you. The RIC Review was done by Dr. Wendy Craik. It's the Review into the Regional Investment Corporation, which is a Government entity that provides loans and support to farmers and primary producers across the country. It was due to end on June 30 next year. Of course, we got the Review and we have announced with the Prime Minister and I, an additional $1 billion so that the Regional Investment Corporation, known as the RIC, can actually issue loans past June 30 next year. That's number one. There were 32 recommendations and six findings. As a Government we have agreed or noted all of those recommendations and findings. We are allowing ourselves a bit of room by noting some of them, because we don't want to implement in full without doing a bit more work and consultation. We are looking at those other recommendations, but importantly we have announced today those two additional loan products. And the other thing we've done in response is freezing for a further six months the concessional loan rate that was due to change in February. It's a concessional rate of 5.18 per cent.

GUSCOTT: To dive a little further then into those additional measures that have been announced. So, the drought hardship loan, are you able to go into the details of that? Because that is continuing to offer farmers who they're anticipating more drought to come?

COLLINS: We obviously had the Drought Forum in South Australia in Gawler earlier in the year, and one of the important feedback points was that they need a loan product that provided day-to-day costs for farmers that had had continuous years of drought. Farmers have done a good job in making themselves more resilient, but after a couple of years of drought, it becomes tougher and tougher. So, these are loans of five years up to $250,000 that can be used for day-to-day farming costs, things like feed to support their livestock. And indeed for the first 24 months there can be a repayment holiday. So, that's really important for those farmers. And the marine harmful Algal bloom and the heatwave loan will be available for wild catch fishers as well as aquaculture producers. So, both of those will be included in that new loan product and it again will be up to $250,000. That is significant additional support that comes on top of the funding that we've provided jointly with the State Government of South Australia in terms of that immediate support and grants that have been provided, to more than $20 million to date.

GUSCOTT: So, with all of that in mind, I'd imagine that there has been a fair bit of consultation already with farmers and anybody within the agricultural industries as to how best to use these loans. Are you happy with how this system has been operating previously and will continue to operate to provide the support?

COLLINS: What the RIC review said was that the Regional Investment Corporation is a valuable support tool for those farmers and it is providing short-term support in terms of drought. But what we heard loud and clear at the Drought Forum was for repeated droughts, for people that have had two or three dry seasons, that it does become quite problematic and they do need that short-term injection to be able to do their day-to-day costs.

GUSCOTT: Well, we'll continue to follow this closely, and I appreciate you taking the time. After the announcement today, the Minister for Agriculture, Fisheries and Forestry, Julie Collins. Thanks for your time, Julie.

COLLINS: Thanks very much for having me.

ENDS