Months of hard-fought advocacy have paid off, with the Federal Government committing to the Regional Investment Corporation (RIC) beyond June 2026 with an extra $1 billion in new loan funding to help farm businesses become more resilient and respond to drought conditions.
The National Farmers' Federation has welcomed the Prime Minister's announcement today, with President David Jochinke describing the RIC as one of the most important tools to support producers and regional communities build resilience for drought.
"The proof is in the numbers: more than 3,400 loans have been settled since the RIC was introduced," Mr Jochinke said.
"That's 3,400 farm businesses given breathing space to keep the farm running and become more resilient."
Mr Jochinke said the announcement followed months of sustained advocacy from the NFF and its members.
"The NFF and our members have pushed hard for certainty on the RIC. Just last month we again called on the Government to extend its loan capacity, after the review had sat gathering dust for more than a year.
"We've met with the Government weekly on drought matters, and in June this year, we invited the Prime Minister to visit a farm so he could see firsthand the real life impact the RIC has."
The NFF will continue to work with the Government as it consults on expanded loan products.
"It's important the Government ensures the RIC strikes the right balance in keeping its core purpose of supporting farm businesses to build resilience for drought.
"We await the Government's full response to the Independent Review of the Regional Investment Corporation Act 2018, which looked at the RIC's role, scope and products."
The NFF also welcomed the Prime Minister's comments today in support of the Australian Agricultural Sustainability Framework, which puts farmers in control of efficient and fair reporting requirements to give international trading partners confidence in our production systems.
