LNP delivers new Farm Debt reconstruction Office

by Ted Sorensen
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*         LNP delivers new Farm Debt Restructure Office in Queensland

*         New office to tackle farm debt head-on and help farmers find a way forward

*         Office to provide process for efficient and equitable resolution of farm business debt matters

The LNP has delivered milestone changes to help struggling farmers facing debt with key amendments to see the introduction of a new Farm Debt Restructure Office in Queensland.

Shadow Agriculture Minister Dale Last said the LNP’s changes would establish the new office to tackle farm debt head-on under the authority of The Queensland Rural and Industry Development Authority.

“The LNP is focused on delivering for farmers who are doing it tough, and by successfully moving amendments we established the Farm Debt Restructure Office to give them the help they need,” Mr Last said.

“The office will provide a process for the efficient and equitable resolution of farm business debt matters between mortgagees and farmers.

“A key aspect of delivering a resolution to farmers will be providing professional staff to aid farmers in financial distress with advice and ways to improve their profitability.

“There are farmers and graziers who need our help – particularly in western Queensland where they are suffering from continued failed wet seasons and have little or no cash flow to service debt.

“We’ve acted because we are aware of the lack of professional debt restructuring services and the lack of suitable loans, and we believe the LNP’s changes will help rectify those issues and help struggling Queensland farmers.”

Mr Last said the LNP’s amendments would also see banks and other rural lenders compelled to provide data on lending and associated debt.
“We need to know the extent of this debt so we know how big this issue is for the Queensland farmers who are doing it tough, and because the banks stopped providing information we are flying blind,” he said.

“The clear message to the banks and other lenders is stop the nonsense and provide the data on debt levels, which is simple enough to do.”

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