Minister for Agriculture and Northern Australia, the Hon. David Littleproud MP
Assistant Minister for Forestry and Fisheries, Senator the Hon. Jonno Duniam
A new loan program will support the development of new and bushfire-damaged forestry plantations to help secure our future wood supply.
Minister for Agriculture and Northern Australia, David Littleproud said the Regional Investment Corporation (RIC) loans will support growth in plantations, delivering benefits for rural and regional communities and the economy.
"Many regional communities are reliant on forestry. We also know the 2019-20 Black Summer bushfires caused significant losses for some industries and communities," Minister Littleproud said.
"We want to help these hardworking Aussies, so through this initiative eligible businesses can obtain a concessional loan to the value of $2.5 million to establish new plantations or replant bushfire-damaged plantations.
"Farmers may also use the loans to support plantation development on their land to diversify their income."
Assistant Minister for Forestry and Fisheries, Jonno Duniam said the government is committed to growing the plantation estate and supporting forestry jobs.
"The sector has faced challenges recently, but we're working with businesses and states and territories to build a strong and sustainable future for Australia's forest industries," Assistant Minister Duniam said.
"The wood supplied from these plantations will also support the construction industry in the years ahead."
Minister Littleproud said the government will continue to work with rural and regional communities to provide practical help to achieve economic growth and productivity.
"Through measures such as these, we are laying the foundation to grow Australia's agriculture, fisheries and forestry industries to $100 billion by 2030," Minister Littleproud said.
