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Drought Finance Taskforce to further support farmers & local small businesses

Media Releases

Date : 10 October 2018

Author: The Hon. Josh Frydenberg MP

THE HON JOSH FRYDENBERG MP
Treasurer

THE HON DAVID LITTLEPROUD MP
Minister for Agriculture and Water Resources

JOINT MEDIA RELEASE

10 October 2018

DROUGHT FINANCE TASKFORCE TO FURTHER SUPPORT FARMERS & LOCAL SMALL BUSINESSES

The Liberal-National Government, the National Farmers Federation and banks are set to come together through a new Drought Finance Taskforce designed to leverage resources and share insights on ways in which the Government and banks could further support drought-affected farmers and rural and regional small businesses.

The taskforce will include the Treasurer who will serve as chair, the Minister for Agriculture and Water Resources who will serve as deputy chair, drought special envoy Barnaby Joyce, regional Queensland Member of Parliament John McVeigh, a senior representative from the National Farmers Federation (NFF) and a senior representative from ANZ, the Commonwealth Bank, the National Australia Bank, Rabobank and Westpac.

Importantly, the taskforce will consider and respond to the impact of the drought on local small businesses as well as farmers because many local small businesses depend on farming activities.

The Drought Finance Taskforce will:

The establishment of the taskforce follows the drought roundtable held by the Minister for Agriculture and Water Resources in early July at which banks and farm groups discussed financial literacy issues and farm management deposits.

The Government continues to prioritise regional and rural communities affected by the drought, as demonstrated by the expansion of the $1.8 billion Drought Assistance Package. The taskforce is an additional way for government, business and industry to work together and ensure that they are not only receiving the most up-to-date information, but also able to respond quickly, so farmers and local small businesses receive the additional support they need, as soon as possible.

The Drought Finance Taskforce and the Liberal-National Government’s support for farmers and rural and regional small businesses is part of our plan to keep the economy strong and to keep Australians together.

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