DAIRY STORY SADLY NOT UNCOMMON

THE story of the slow demise of the Currey family farm is unfortunately not uncommon across the state.

After six generations of supplying milk products to the Gold Coast community the dairy is shutting its doors and it is not by choice.

Like many family farms, the modern economy is putting pressure on those who put the food on our plates.

The supermarket price wars, severe weather, growing competition from big business and children wanting a life away from the uncertainty of farming have all contributed to a shrinking industry.

The Curreys tried to diversify into more expensive organic products to keep their farm going but life got in the way.

Age, a bout of cancer and a growing debt meant there was only one way for the farm to go.

It is that debt which will keep crippling the next generation.

How was the Commonwealth Bank able to keep lending when the Curreys had nothing left the give?

It’s almost absurd when you hear the Curreys tell how much they were allowed to borrow and what was given as security.

When they spoke to the bank they, perhaps naively, had faith the bank would not lend more than they could afford.

They had no idea they were setting themselves up to lose everything.

In the past few weeks we have heard time and again at the Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry, the banks admitting how they had been pushing the boundaries.

Banks have admitted to forged documents, selling insurance to those who cannot afford it, lying to regulators, charging fees to clients who had died and repeated failures to verify customers’ living expenses before lending money.

The accusations, allegations and admissions are a daily occurrence now.

Out of all this it is clear the banks are not the ones who pay.

It is people like the Curreys

It will be the Curreys who will spend the rest of their lives paying through their nose all for having a little bit of faith their bank was there to help them out.