Financial help

Dairy farmers dealt a major price blow last month will receive financial assistance from the federal government, including 10 year recovery loans.

Member for McMillan Russell Broadbent welcomed the Coalition Government’s announcement that it will provide support for dairy farmers who had their incomes retrospectively cut by dairy processors Murray-Goulburn and Fonterra.

“This is very welcome news for communities across McMillan who have been hit hard by this decision,” Mr Broadbent said.

Deputy Prime Minister Barnaby Joyce said the Coalition would deliver immediate assistance to dairy farmers in hardship to help them manage through these difficult times and return to profitability.

“The Coalition will be making immediately available $55 million in Dairy Recovery Concessional Loans for Murray-Goulburn and Fonterra suppliers this year, as well as access to $500 million in concessional loans over 2016-17 and 2017-18 years. The recovery loans will be for terms of 10 years.” Key elements of the federal support package are: $555m - Dairy Recovery Concessional Loans. $20m - to fast track upgrade of the Macalister Irrigation District. $2m - to establish a commodity milk price index. $900,000 for an additional nine rural financial counsellors in Victoria, Tasmania, South Australia and New South Wales.

$900,000 for Dairy Australia’s ‘Tactics for Tight Times’ program.

Fast tracking Farm Household Allowance applications with 18 more Human Services Department employees processing claims; and,

Appointment of a DHS dairy industry liaison officer; and,

Mr Joyce said the Coalition was allocating $900,000 to Rural Financial Counselling Services to ensure farmers receive the farm business financial advice needed, as well as $900,000 to Dairy Australia to continue rolling out one-to-one business advisory support via the Tactics for Tight Times program.

Human Services Minister Alan Tudge said the Coalition was taking immediate action to ensure eligible dairy farmers had fast-tracked access to suppor.

“An extra 18 people have been brought in to process claims and to work directly with farming families on their individual cases, with a special focus on people in financial hardship,” Mr Tudge said.

“Where a farmer is facing real hardship and we have received the full details, a decision can be made almost immediately,” he said.