Positive trends for dairy – banker
The downturn in the dairy industry is likely to bring positive changes in the way farms are managed, says ANZ’s managing director for commercial and agri, Graham Turley.
The largest rural lender, ANZ, has announced an assistance package for farmers affected by extreme dry conditions across much of New Zealand’s east coast.
Many areas, including Canterbury, have experienced severely dry conditions over the past two months compared with the long-term average, according to Niwa.
“The big dry is affecting areas which haven’t experienced extreme conditions like these for many years, so for a lot of farmers this is new territory,” says Graham Turley, ANZ Bank’s managing director commercial & agri.
“We recognise the challenges and anxiety this is creating for farmers, which have been exacerbated by forecast low dairy payouts. We’re offering targeted assistance, recognising that the situation may require more complex solutions for some.
“The impacts of serious weather events like this don’t just affect the farmers and their local area but will be felt right through the economy.”
The options available to affected farmers through ANZ are:
Suspending loan principal repayments;
Waiving fees associated with restructuring business loans considered necessary due to impacts of extreme weather;
Waiving fees for term finance and investments which improve performance and the ability to respond to climatic variation in future years;
Waiving the interest rate reductions associated with accessing funds on term deposits ahead of maturity. date; and
Providing access to discounted short-term funding to help farmers get through the immediate challenges while also protecting their long-term productivity.
“We encourage farmers to act early and engage advisors to identify actions and develop a plan. This should include working with accountants to produce a two-year cash forecast and consulting with their bankers on funding requirements,” says Turley.
“The impacts of drought are not just financial. We also appreciate the stress created for some customers and encourage them to communicate regularly with their family, advisors and support networks.”
The CEO of Apples and Pears NZ, Karen Morrish, says the strategic focus of her organisation is to improve grower returns.
A significant breakthrough in understanding facial eczema (FE) in livestock brings New Zealand closer to reducing the disease’s devastating impact on farmers, animals, and rural communities.
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
OPINION: The case of four Canterbury high country stations facing costly and complex consent hearing processes highlights the dilemma facing the farming sector as the country transitions into a replacement for the Resource Management Act (RMA).
The 2024-25 season apple harvest has “well and truly exceeded expectations”, says Apples and Pears NZ chief executive Karen Morrish.
Through collaborative efforts with exhibitors, visitors, and industry partners, Fieldays says it is reaffirming its commitment to environmental responsibility with new initiatives for 2025.
OPINION: The Free Speech Union is taking this one too far.
OPINION: New national data from The Drug Detection Agency (TDDA), a leading workplace drug tester, shows methamphetamine (meth) use is…