Joe Ludwig (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Hansard source

This does give me a good opportunity to talk to the Senate about farm finance and 4.5 per cent. I absolutely welcome the opportunity to speak about the government's farm finance package at 4.5 per cent. In April I announced $420 million in concessional loans for farmers doing it tough. Farmers are struggling under the weight of a high dollar and reduced land values. We have listened to the concerns of our farmers. That is why we announced the Farm Finance package. Our package of concessional loans will give farmers the breathing space they need to focus on growing and improving their farm businesses. These loans will provide real relief for our farmers. An eligible farm business could save around $100,000 if they wanted to consolidate an existing loan using the 4.5 per cent interest rate.

Our plan for agriculture is to strengthen the foundation and tackle farm debt head-on. But we do need the cooperation of the states to deliver this. One thing Senator McKenzie could do is encourage the Victorian government to come on board and ensure that we can deliver this package to help farmers, particularly in the electorate where Senator McKenzie lives. It is clear that farmers are crying out for this assistance. What we want to do is deliver this assistance in the field for farmers so that they can use the 4.5 per cent to reduce and consolidate some of their loans, to give them the ability to deal with some of the headwinds and provide that really needed assistance.

What we are getting is no help from the coalition—to help and put a bit of pressure on their state governments to deliver. (Time expired)