Feds make case for rural bank lending probe
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
This morning's announcement by Fonterra to drop its forecast payout will lump more pressure on dairy farmers and they will be counting down the days to end of the season.
Federated Farmers dairy industry chair Andrew Hoggard made the comment as Fonterra trimmed its 2015-16 season from $4.15/kgMS to $3.90/kgMS
"More and more farmers will be really feeling the pressure," says Hoggard.
"This cut , which was not unexpected given the string of low auction prices, means we need to be even more pro-active around budgeting and scenario planning, and make the most of the support available from DairyNZ, accountants and farm advisors."
Federated Farmers and DairyNZ will this week commence a series of six regional meetings for sharemilkers and their farm owners. Sharemilkers, particularly those who do not own their herd, are the most vulnerable in the current market conditions.
"Our message to these guys is to stay the course if you possibly can. Some flexibility from farm owners can go a long way, so getting both groups in one room to talk through the options can only be a good thing," says Hoggard.
Hoggard is also calling for the Reserve Bank to cut the official cash rate this Thursday.
"There are already plenty of reasons for the Reserve Bank to cut the OCR. This is another one. Anything that can ease the pressure on farmers' bottom line will help get as many dairy farmers as possible through the current season. There will be a new level of resilience that comes out of what we're experiencing, but that will be lost if farmers are forced out of the industry. Economic factors support a cut in the official cash rate and that would be a welcome boost after today's news."
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.