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Federated Farmers has welcomed the Reserve Bank's decision to cut the Official Cash Rate by 25 basis points to 2.25%.
"It's now up to the banks to pass this cut on to mortgage holders, and we urge them to do so on behalf of all New Zealand farmers," Federated Farmers president Dr William Rolleston says.
"Farmers' cash flow is tight at the moment, particularly in the dairy sector, and anything that can ease the pressure on their bottom line will help get as many dairy farmers as possible through the current season.
"This cut in the Official Cash Rate should also take pressure off the dollar, which is vital for our farming sector. We are also pleased to see that the Reserve Bank has signalled a further cut."
According to the latest Federated Farmers banking survey, farmers are more satisfied with their bank and less under pressure, however, the sector is well short of confidence levels seen last decade.
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