The AgriStarter loan applications have opened this month to assist new entrants to farming looking to purchase, establish or develop their first farm business and support farming succession arrangements.
The Federal Government has provided an additional $75m in 2020-21 for the Regional Investment Corporation (RIC) AgriStarter Loan program.
Federal Member for Barker Tony Pasin said the two types of loans – first farmer loans and succession loans of up to $2m could be used for purchasing your first farm or if your farm business is undertaking or has undertaken succession planning.
“These loans help give a leg-up for the next generation,” Mr Pasin said. “Along with the HomeBuilder grants, the Morrison Government is backing the next generation to invest in their future.
“We are backing the next generation of farmers to invest in the regional economy whether it be through fulfilling a childhood dream to purchase a farm or take over the farm.
“The RIC’s current variable concessional interest rate is a record low at 1.92%. “The initial loan term would be 10 years, with interest-only repayments for the first five years and principal and interest repayments for the final five years.
“In addition to AgriStarter opening, there is more good news for the sector with the new year heralding significant tariff cuts and improved market access on a range of commodities traded across the Americas and Asia.”
Since the Indonesia-Australia Comprehensive Economic Partnership Agreement’s (IA-CEPA) entry into force in July 2020, more than 99% of Australian goods exported to Indonesia enter duty free or under improved and preferential arrangements.
Building on this, from January 1, Tariff Rate Quotas increased for live cattle, feed grain and citrus exports to Indonesia.
Tariffs on lamb and beef to Korea, some wine products and barley to Mexico and refined sugar to Canada will all fall in 2021, while exporters to Peru will benefit from tariff cuts on beef and sparkling wine as well as increased quotas for rice, dairy, sugar and sorghum.
Today (January 14) remaining tariffs for seafood exports to Vietnam will continue to drop to around 8%, ahead of their complete elimination in January 2022.
