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Banks must pass on full rate cut to drought stricken farmers: Littleproud

drought plant cracks stock image

Minister for Drought David Littleproud has called on banks to pass on the full rate cut announced by the RBA to farmers, many of whom are battling drought.

“The farmers who grow our food are struggling with drought and deserve the full rate cut to be passed through,” Minister Littleproud said.

“Many farmers owe banks significant amounts of money and so interest rate cuts are relief to farming family budgets.

“The Government is doing its bit with $7 billion worth of drought support including the $5 billion Future Drought Fund, and others need to do their bit to help our farmers too.

“Passing on rate cuts in full mean farmers get the full benefit and I call on banks which have made millions from farmers over the years to do the right thing and pass this cut through in full.

“The banks responded last year (2018) when I asked them to allow farm management deposits to be counted as offsets against their debt and I hope they respond this time too.”

Source: Australian Government

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