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Federated Farmers banking spokesperson Richard McIntyre.
Farmers are welcoming the broad scope of a parliamentary inquiry into banking competition.
The terms of reference announced last week include looking at the price of banking services, with a particular focus on business and rural lending products and the return on capital from business, rural and residential mortgage lending.
Federated Farmers banking spokesperson Richard McIntyre says the broad scope of the inquiry will hit the mark for farmers and rural communities.
“We’re pleased to see the Government announce a wide-ranging inquiry that will leave the banks with nowhere to hide,” McIntyre says.
“Farmers have been asking serious questions about the levels of competition, profitability and transparency in rural lending for a long time now – and it looks like they’re about to get answers.
“This inquiry is well placed to shine a bright light on parts of our rural banking system that, until now, have been allowed to operate in the shadows.”
The chair of primary production select committee, Mark Cameron, is urging the rural sector to make their voices heard.
“Anyone on the back of a rural loan, whether you are a horticulture, sheep and beef, arable or dairy farmer, should make sure their voices are heard – be part of the process,” he told Dairy News.
The public submission period runs for six weeks.
Federated Farmers is celebrating following the Government's announcement that young farmers will be able to use their KiwiSaver funds to buy their first home or farm.
OPINION: The euphoria over the Government’s two new bills to replace the broken Resource Management Act is over.
Canterbury arable farmers are down by tens of millions of dollars after a rollercoaster of wild changeable January weather saw harvests delayed and some crops destroyed by violent hailstorms.
OPINION: The past few weeks have been tough on farms across the North Island: floods and storms have caused damage and disruption to families and businesses.
Sheep and beef farmers in Hawke's Bay are being urged to keep a close eye on the wells that supply water to their stock.
Irrigation NZ is warning that the government's Resource Management Act (RMA) reform risks falling short of its objectives unless water use for food production and water storage infrastructure are clearly recognised in the goals at the top of the new system.
More than five million trays, or 18,000 tonnes, of Zespri’s RubyRed Kiwifruit will soon be available for consumers across 16 markets this season.
The Government has announced its support for 18 community-based initiatives through its Rural Wellbeing Fund.
New data shows that pork remains one of the more affordable meat options for New Zealand households at a time when grocery costs continue to put pressure on budgets.
The South Island Dairy Event's BrightSIDE has named Jessica Kilday as the recipient of the BrightSIDE Scholarship, recognising her commitment to furthering her education and future career in the New Zealand dairy industry.
Scientists from the Bioeconomy Science Institute Maiangi Taiao has achieved a successful cocksfoot-ryegrass cross capable of producing fertile seed, a world-first.
