Top Performing Farms Thrive Despite 27% Increase in Operating Costs
The cost of running a New Zealand farm is now 27% higher than it was before Covid, putting sustained pressure on profitability acrfoss the sector, according to new ANZ research.
Lorraine Mapu, ANZ managing director of business and agri, says that renewed heavy rain warnings are another blow for local businesses, orchardists and farmers already grappling with widespread damage.
"Many have had homes, land, and businesses flooded, farms damaged and crops destroyed," Mapu says.
"For our farmers, the welfare of their animals is priority, some will be facing stock losses, feed shortages, damage to fencing and disruption," she says.
"We've got staff out in the community and on the road, talking to business owners and visiting farmers in some of the worse affected areas, to get a better idea of the extent of the damage.
"We want to reassure our customers that the bank is here to work with them in the days and months ahead," Mapu says.
ANZ is recommending farmers and business owners talk with their key industry specialists and professional advisors to work out the best way forward.
ANZ is making targeted assistance available for business and farming customers, subject to approval.
This includes temporary overdraft facilities and the ability to defer loan repayments or moving to interest only to help ease some financial pressure.
Business and Agri customers should speak to their relationship manager or phone ANZ's Business Service centre on 0800 269 249 to discuss the impact on their business and their funding requirements.
