Support measures announced for flood-impacted farmers in Central and North West NSW

Agribusiness banking specialist Rabobank has announced a range of support measures that will be offered to farming clients adversely impacted by floods in Central and North-West New South Wales.

Rabobank Country Banking Australia group executive Marcel van Doremaele said flooding had caused significant damage to agriculture in some parts of New South Wales, after heavy rainfall received in recent weeks, with more widespread falls expected over coming days.

“The key affected agricultural areas at the moment are located around Dubbo, Forbes and Moree, with the main impact for now largely a reduction in grain grades,” he said.

“This is particularly a blow as farmers had worked hard in preparing for what was shaping up to be a fantastic crop.

“The damage, particularly for farmland near the Lachlan River around Forbes, could be significant, while some other areas will also be impacted by a wet harvest, with a corresponding reduction in grain grades and therefore expected returns.”

Van Doremaele said the bank would work directly with individual clients whose farms or agribusinesses had been affected to provide support through immediate difficulties and offer a range of assistance measures in applicable circumstances.

These included:

  • deferral of scheduled loan payments,
  • waiver of break costs on early redemption of farm management deposits,
  • waiver of fees on loan increases necessary for rebuilding operations and
  • waiver of fees for equipment finance contract variations.

Van Doremaele said the bank was also closely monitoring the situation with farmers in other parts of Australia, including Western Australia, which were also experiencing heavy rainfall.

“We are in close contact with farming clients in these regions through our branch teams on the ground,” he said.

Van Doremaele noted though that for many areas of the country, the rainfall was welcome, improving soil moisture and water storage for the coming season and aiding pasture growth.

 

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