Federated Farmers vows to hold banks accountable after complaint dismissed
Federated Farmers is vowing to keep the big banks accountable for their actions and to continue pushing for meaningful change in the rural lending sector.
Farmers are throwing their support behind the Farm Debt Mediation Scheme.
The scheme requires creditors to offer mediation to farmers who default on payments before they take any enforcement action.
Federated Farmers says the scheme is one farmers would hope to never have to use, but it’s a useful backstop if a farm’s finances do go pear-shaped.
"We strongly supported this legislation as it was shaped and debated by the select committee and Parliamentary processes over the last year or so and we’re glad it’s now in place," says Federated Farmers president and commerce spokesperson Andrew Hoggard.
The Federated Farmers May 2020 Banking Survey showed more than 80% of farms carry a mortgage and overdraft.
While 69% of the 1,400 farmers who responded were ‘satisfied’ or ‘very satisfied’ with their banks, 19% felt ‘under pressure’ from their banks, rising to 28% among arable farmers.
"It’s an uneven playing field in terms of available resources when a farmer and bank are in dispute. This legislation provides a platform for mediated communication," says Hoggard.
"Although we hope it won’t have to be used very often, it will have done its job if it helps banks and farmers find enduring and sustainable solutions before it is too late."
Farmers wishing to access the scheme should visit the MPI website.
People affected by the recent two severe flood events in the Tasman district are weary and exhausted trying to deal with the devastation on their farms and orchards, according to the head of the Rural Support Trust (RST) in the region.
New Zealand milk production is off to a strong start, with the first month of the 2025/26 dairy season recording a whopping 17.8% jump in milk production, compared to the previous season.
With adverse weather set to rain down on the Top of the South, the Bay of Plenty and parts of Northland, Agriculture Minister Todd McClay says farmers, foresters, and growers need to prepare for possible challenges.
Keep up with innovation and e-commerce in China or risk losing market share. That was the message delivered at the China Business Summit in Auckland this month.
Meat Industry Association (MIA) independent chair Nathan Guy says getting meat processors involved has been a shot in the arm for the sector's key marketing initiative into China, Taste Pure Nature.
Listed carpet manufacturer, Bremworth is undertaking a $6 million expansion at its Napier plant more than two years after the site was heavily damaged by Cyclone Gabrielle.
OPINION: Bayer Crop Science closing its Hastings research site could be the tip of the iceberg.
OPINION: The image of regenerative farmers as kind, cuddly progressive types took a hit when one of their own took…