NSW Farmers president Xavier Martin said city borrowers weren’t the only ones celebrating the first signs of relief from the cost-of-living crunch following the Reserve Bank’s decision on Tuesday.
“The sky-high costs of key farm inputs like fuel and fertiliser are still increasing, and many farmers carry significant debts so they can continue to grow the food and fibre for the planet,” Mr Martin said.
“It’s our hope this decision will offer some small relief to the huge pressures many farm businesses are facing, so they can continue to get on with the critical job of ensuring food security for not just Australia, but the world.
“We all need a farmer three times a day, every day, and we simply cannot let inflationary settings push any more farmers out of the game.”
Further interest rate cuts would be necessary to relieve the pressure on the agricultural sector, Mr Martin said, with all banks urged to pass the benefits of any rate cuts on to farm businesses as soon as possible.
“Aussie farmers must see relief from these rate cuts across their debts, so they can keep on farming for decades to come,” Mr Martin said.
“Young farmers also need to be given a chance to get their foot in the door, so they can build the farms of the future.”
23°C