Don’t be a slave to your debt
OPINION: Clicking through some news of late, I have noted the odd headline referring to credit card debt.
The Minister of Agriculture has entered the debate on the actions of the banks labelling them as fair-weather friends.
A new report by the Ministry for Primary Industries reveals that more than a quarter of NZ’s dairy farmers have debt to equity ratios of more than 70%. Some have as little as 4% equity in their properties.
The report also reveals that the average debt per hectare on dairy farms is now three times what it was 20 years ago. Read more here.
Minister of Agriculture Damien O’Connor says the debt levels in the dairy industry have been rising for a long time.
He claims that six years ago the banks indicated they wished to reduce their exposure to agriculture. But were unable to because of low prices in the sector and were forced to back farmers.
O’Connor says in the present crisis, banks need to share some of the responsibility for what’s happened.
“They need to take a partnership approach to the solution and not put all the pressure on farmers. It’s an outrageous excuse on the part of the banks for them to complain about the Reserve Bank asking them to hold a bit more equity in their business – while at the same time creating this pressure on farmers to do the same thing,” he says.
O’Connor says the partnership deal which farms had with the banks must continue but it must be a fair partnership.
Rural retailer Farmlands has launched a new casual clothing range available across 42 stores nationwide and through its online store.
Federated Farmers says the health and safety changes announced this week by the Government represent the start of overdue reforms.
The Government is calling on rural New Zealanders to share their views on proposed regulations designed to improve the management of farm plastic waste.
For many urban New Zealanders, stepping into Pāmu’s Pinta dairy farm near Taupo last month was the first time they had had the chance to experience farm life up close.
After tasting 240 New Zealand made cheeses, judges have bestowed medals upon 199 of the entries.
Bay of Plenty’s top share farmers Andre and Natalie Meier are no strangers to the New Zealand Dairy Industry Awards winning circle.
OPINION: At last, a serious effort to better connect farmers and scientists.
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