Aus­tralian dairy farm­ers of­fered bailout

China Daily (Canada) - - BUSINESS -

Strug­gling Aus­tralian dairy farm­ers have been given a $430-mil­lion life­line, af­ter the agri­cul­ture min­is­ter an­nounced a fi­nan­cial pack­age to bail out debt-rid­den own­ers. Fol­low­ing a milk co­op­er­a­tion price war, which left farm­ers crip­pled fi­nan­cially, Barn­aby Joyce said the pack­age which will be given to farm­ers in the form of con­ces­sional loans at low­ered re­pay­ment rates. Farm­ers will be al­lowed to bor­row up to $740,000 or half of what they owe, whichever is the lesser, while they will also get ac­cess to a farm ‘house­hold al­lowance’, which pro­vides them with a $740 fort­nightly pay­ment to help raise the stan­dard of liv­ing.

Vis­i­tors look at a model of an ACJ 350 X Air­bus air­craft replica dur­ing the Euro­pean Busi­ness Avi­a­tion Con­ven­tion & Ex­hi­bi­tion at Coin­trin air­port in Geneva, Switzer­land, on Tues­day.

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