Lamb returns forecast to remain low
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
ANZ has announced an assistance package for farmers affected by extreme dry conditions across much of New Zealand’s east coast.
Many areas, including Canterbury, have experienced "severely dry" conditions over the past two months compared with the long-term average, according to NIWA.
“The Big Dry is affecting areas which haven’t experienced extreme conditions like these for many years, so for a lot of farmers this is new territory,” says Graham Turley, ANZ Bank’s managing director commercial & agri.
“We recognise the challenges and anxiety this is creating for farmers, which have been exacerbated by forecast low dairy payouts. We’re offering targeted assistance, recognising that the situation may require more complex solutions for some.”
The options available to affected farmers through ANZ are:
· Suspending loan principal repayments
· Waiving fees associated with restructuring business loans considered necessary due to impacts of extreme weather
· Waiving fees for term finance and investments, which improve performance and the ability to respond to climatic variation in future years
· Waiving the interest rate reductions associated with accessing funds on term deposits ahead of maturity date
· Providing access to discounted short-term funding to help farmers get through the immediate challenges while also protecting their long-term productivity
ANZ is encouraging farmers to act early and engage advisors to develop a plan, including working with accountants to produce cash forecasts and consulting with banks on funding requirements.
“The impacts of drought are not just financial. We also appreciate the stress created for some customers and encourage them to communicate regularly with their family, advisors and support networks,” says Turley.
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.
OPINION: This old mutt well remembers the wailing, whining and gnashing of teeth by former West Coast MP and Labour…
OPINION: Your canine crusader gets a little fed up with the some in media, union hacks, opposition politicians and hard-core…