I posted this on the MAK thread but decided to post on here as well:-
The National Australia Bank on Sunday announced it would cut its business lending rates - including for agricultural products - by 20 basis points.
Last week, Westpac cut its farm base product rate by 80 basis points.
ANZ reduced its agribusiness rates by 60 basis points, effective next week, and the Commonwealth Bank had also cut its rates, Mr Burke said.
He said the rates cuts were particularly important because the drought had pushed up farm debt from an average of $238,000 per farm six years ago to just over $700,000 today.
"During the period that we've had the drought, there has been an extraordinary increase in farm debt," he told the House of Representatives during Question Time.
"In that way there is an understandable sensitivity to interest rates among Australia farmers."
"While they are still difficult times, and we should not underestimate the difficulties that many of our primary producers are going through, this news certainly is welcome relief for Australia's farm sector."
