NZ Beef’s US Opportunity and the Dairy Beef Initiative
Good medium to long term prospects for NZ beef, especially in the US, has heighted the focus on various initiatives to capitalise on this situation.
Todd Charteris, Rabobank New Zealand chief executive, says the decision follows the Reserve Bank’s announcement that it would cut the official cash rate (OCR) by 0.5%.
“We have carefully reviewed our position and are pleased to be able to pass on the full 0.50% rate reduction to our New Zealand food and agribusiness lending clients at this time,” Charteris says.
Additionally, Rabobank’s fixed rates within its All-In-One loan facility reflect daily changes in wholesale markets that had priced in the expected cuts to the OCR within the last month, he adds.
“These cuts will provide a welcome reduction in costs for New Zealand’s farmers and growers who have faced high interest and farm input costs over recent seasons,” Charteris says.
“Our September Rural Confidence Survey found farmer confidence in the broader agri economy is now on the up – off the back of higher commodity prices and lower interest rates – and this further rate drop should act as another boost to primary producer sentiment,” he concludes.
Read More
- Editorial: Time for some real banking solutions
- Farmer confidence up and down
- Bank helps clients reduce emissions
