Higher Red Meat Returns Boost Farm Resilience in NZ
Red meat farmers are using higher farmgate returns to make their farms more resilient, says Federated Farmers meat and wool industry group chair Richard Dawkins.
Reports are coming in of some South Island farmers being offered loans with interest rates of 5.7% and 5.8%. Just for context, most farmers are on interest rates over 8%.
Whether the banks are feeling the heat or it's just a public relations exercise remains to be seen.
Federated Farmers says the banks have a long way to go before they earn back the trust of farmers.
A Federated Farmers survey shows that farmers' satisfaction with their banks has dropped to its lowest levels since their surveys began in May 2015. Six years ago, around 80% of farmers were satisfied with their bank, but that number has since plummeted to just 51%.
