Body to reduce loans red tape
A corporation designed to promote investment in agriculture by directly delivering concessional loans to farmers in need has been proposed in the Federal Budget.
The Regional Investment Corporation is due to be established next year in line with the Federal Government’s election promise to reduce bureaucracy at a State level and streamline support loans for farmers in regional Australia.
It will be funded by $28.5 million over four years and administer the Government’s Farm Business Concessional Loans Scheme and the National Water Infrastructure Loan Facility. Kimberley and Pilbara Cattlemen’s Association vicepresident David Stoate said many of the issues the RIC was targeting in regional Australia were not key issues for North West pastoralists.
However, he said when it came to financing in the agricultural sector “there’s always red tape to be cut”.
WAFarmers president Tony York said the organisation was mostly pleased with the “modest gains” forecast for the State’s agricultural sector by the Budget, including the RIC.
The RIC will be a corporate Commonwealth entity and consist of a chief executive and an independent board with three part-time members.