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.
Fonterra's lifting of the current season payout to $6.15/kgMS highlights the revival in the fortunes of dairy farms, says Federated Farmers.
The favourable forecast wasn’t unexpected and reflects the recent trend of increasing global dairy prices, which has fostered more confidence amongst the markets.
“This is great news and comes after a turbulent few years where the industry has been under the pump,” says Andrew Hoggard, Federated Farmers dairy chair.
Based on Fonterra’s forecast and current production cycles, about $280 million dollars is expected to flow through the New Zealand dairy sector and provincial communities this season.
“If you take on board the amount of milk we are producing at present this means the average dairy farm will be about $23,000 dollars better off.
“This will enable farmers to invest in their business and farm infrastructure, which has perhaps not been a priority in the past two years in trying to survive the challenging times.
“We’ll also have more money to [spend on achieving] our environmental goals, the focus for many farmers in spite of modest returns from their businesses.”
NZ dairying employs at least 40,000 workers and contributes much to regional economic development.
“The regional economies and service centres will also be boosted as farmers prepare to spend again, now they are more certaint about their businesses.”
Fonterra’s predicted payout of $6.50/kgMS would mean a further $650m going into provincial economies.
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.