A DEDICATED office to assist Queensland primary producers experiencing financial distress access free expert financial analysis and advice has been opened.
The office provides eligible primary producers with a no-fee, no-obligation assessment of their business and financial position, to help them make informed decisions on the future of their agricultural enterprise.
The office will be overseen by the Queensland Rural and Industry Development Authority, which has appointed an experienced a panel of rural finance specialists to deliver the farm business analysis.
Agricultural Industry Development Minister Mark Furner said the assistance would offer an alternate opinion to existing financial providers or advisers.
"Farm Business Analysis Assistance offers eligible farmers with detailed, expert options from an approved rural finance professionals at a level that the producer may not be able to afford at their time of distress,” Mr Furner said.
“The report which follows an on-farm visit will give realistic options and ideas on how to repair, reduce or rationalise farming activities within the available resources, for the best possible outcome for the farmer and their family.”
The initiatives were part of the Farm Business Debt Mediation Act 2017 passed by the Queensland Parliament last year and include the now mandatory Farm Business Debt Mediation introduced to prevent foreclosure on farm debt without a fair and equitable mediation process.
“The passage of the same act, has also seen the re-commencement of the biennial Rural Debt Survey to provide an informed and up to date picture of rural debt in Queensland.”
LNP Leader Deb Frecklington said with nearly two-thirds of Queensland still drought-declared and many facing their seventh consecutive year of little to no rain, it’s good to see the Farm Debt Restructure Office finally open.
“But for Annastacia Palaszczuk to claim it as their initiative is blatantly untrue,” Mrs Frecklington said.
“Lazy Labor and former Minister Bill Byrne were totally clueless in dealing with the Farm Business Debt Mediation Act.
“This was solely the initiative of the LNP put together with key amendments to help farmers in financial stress.
“Now, 10 months later, the Premier and Minister Furner are falsely trying to claim it as their creation.”
Farm group AgForce welcomed the establishment of a new Farm Debt Restructure Office.
AgForce president Grant Maudsley said the prolonged and severe drought had taken an enormous financial, environmental and emotional toll on farming families across Queensland.
"Many regions in western Queensland were first officially drought declared in early to mid-2013, so producers in those areas have effectively had five years with rainfall deficits,” Mr Maudsley said.
"During extended dry periods, producers need to find solutions to debt challenges and the assistance provided through this new debt restructure office could help producers find those solutions."
Mr Maudsley said AgForce had been calling for better access to professional business advice for farmers via forums such as the Rural Debt and Drought Taskforce and Parliamentary inquiries, and was pleased those calls had now been heeded.
"Access to affordable financing is vital for the development of agriculture and debt is just a fact of life for many agribusinesses, with the total national rural debt reaching $72 billion in November 2017 and an average debt of about $637,000 per Queensland farm," he said.
"AgForce is eager for primary producers to address any problems with non-performing debt as soon as they emerge, and this new office could help give eligible producers in distress access to the advice they need about their business and financial position to make informed decisions."
CLICK HERE for more information on eligibility and how to apply for Farm Business Analysis Assistance through the Farm Debt Restructure Office or call 1800 623 946.
