Ursula Stephens (NSW, Australian Labor Party) Share this | Hansard source

I too rise to take note of the answers to Senator McKenzie's questions today in question time. I am a bit perplexed, I have to say, because prior to being in this place I spent quite a long time as a member of the New South Wales Rural Assistance Authority and I remember many stories of distressed property owners seeking to have some kind of access to farm finance. Many of those people have welcomed the farm finance package that was announced by the government in April this year. In fact, I am even more confused because I recall that at Senate estimates Senator McKenzie admitted that this was a very good deal. But unlike those others of us who acknowledge that it is a good deal she—like the rest of the National senators here and the National members of parliament—has been very quiet on convincing the states to provide this assistance to farmers.

I spend much of my time in regional New South Wales talking to farmers, farmers' groups, farmers' wives and rural producers of all shapes and forms, and I know that the concessional loans that are being outlined in this package are going to provide breathing space so that people can focus on growing and improving farm businesses. It is pretty unfair that Senator McKenzie has come into this place, supported by her National colleagues, to play mischief with the fact that the delay in all of this is with the state and territory governments. They are the ones who are playing hardball on signing up to this assistance package.

To be perfectly frank, 4.5 per cent is a very good rate. It is a significant loan. In terms of farm management deposits and concessional loans, 4.5 per cent is very good access to the finance supporting our farm businesses. As someone who works with them quite closely, I know that the farming community is pursuing and appreciating these issues, and the New South Wales Rural Assistance Authority and the Rural Finance Corporation of Victoria have been meeting to work out the arrangements that will come into place. The starting concessional rate of 4.5 per cent will apply nationally, and it will be reviewed to make sure that it remains relevant. I have to say that any one of us seeking finance for a business enterprise would be very pleased to be able to borrow at that generous rate of 4.5 per cent. It is at least one per cent below what you would get from a commercial lender. It is all about the government's intention to assist in relieving debt pressure and allowing eligible farm businesses to grow and improve.

If you support the concept of a reconstruction bank—as Mr Katter might propose, and I know many people in rural Australia might consider it—then you need to get behind the work that is being done now. A reconstruction bank in the future might deliver something, in Mr Katter's world, but farmers need the money right now. Until our state and territory colleagues get behind this proposal, it is the farmers who will be missing out.

The Farm Finance package includes additional rural financial counsellors. They are the people who are talking to me and asking me to see what can be done to escalate the issue and get these farm packages, these concessional loans, in place. We want this funding to be ready to go from 1 July. That is the week after next. It is our state and territory governments who are playing hooky on this and preventing it from happening. So let's just call it what it is: a stalling tactic by Liberal-National governments. (Time expired)