- Instrument tabled in Parliament extending low-interest loans for farmers from $1 million to $2 million
- Funding available for concessional loans doubled to $500 million each year
- Direct assistance and concessional loans to aid drought-stricken farmers across the nation now totals $1.8 billion
Australian farmers can now access up to $2 million in low interest loans, double the previous limit of $1 million.
Minister for Agriculture David Littleproud said the Coalition Government had also doubled the total funding available for low-interest loans in any given year to $500 million.
"These loans will help those in hardship, including drought," Minister Littleproud said.
"When farmers transfer their commercial loans to our low-interest loans, good savings can be made.
"The first five years of these loans will remain interest-only.
"Farmers with existing government loans will also be able to switch to these Regional Investment Corporation loans to access the interest-only period.
"We made this commitment to farmers on 19 August and today we delivered.
"We can't make it rain but we can help our farmers survive the drought which is affecting so many farming families."
The Coalition Government has announced additional support for farmers facing drought totalling more than $1.8 billion, including $75 million for the drought communities program and immediate deductions for fodder storage assets.
Fast facts
- Since FHA was launched in July 2014 we have invested more than $230 million to help more than 8,000 people.
- FHA provides a fortnightly payment to help farming families in tough times. Each member of a couple can receive around $12,800 a year, and single people can receive up to $15,350.
- In addition to the fortnightly payment recipients can access up to $1,500 for an independent financial assessment of their business, and up to $4,000 in activity supplements to assist with improving their circumstances and financial self-reliance.
