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The recently announced inquiry is well placed to shine a bright light on parts of the rural banking system that, until now, have been allowed to operate in the shadows.
OPINION: Finally we have a government that is brave enough to tackle the big banks on how they treat their rural clientele.
For too long the farming sector has had concerns about the levels of competition, profitability and transparency in rural lending. Concerns about banking have consistently topped the list of issues in Federated Farmers' regular farm confidence survey.
The recently announced inquiry is well placed to shine a bright light on parts of the rural banking system that, until now, have been allowed to operate in the shadows.
Federated Farmers notes that any concerns they had about just how 'rural' this inquiry would be have been well and truly put to bed with these terms of reference.
Everything they hoped to see included is in there, including questions about rural banking competition, transparency mechanisms, credit risk models, and open banking. There are also some very specific questions about the return on capital banks are getting from rural lending and the level of interest rates charged to the sector.
There's also rural accessibility to digital banking services. Rural banking customers are being short-changed with regular bank branch and ATM closures making even basic banking tasks difficult - simple things such as cash withdrawals and deposits, access to personal banking services over loans and mortgages and small businesses having to travel long distances to bank their takings and maintain a cash float.
Figures from the Reserve Bank show that over the past 20 years there has been an up to 45% contraction of bank branch and ATM numbers across New Zealand, leaving 95 towns unbanked and underbanked.
While the trend is to push customers to do more of their banking online or on the phone, for many rural communities, poor digital connectivity remains a big impediment. Farmers have been crying out for a banking inquiry. Over the next four weeks, ensure your submission reaches Parliament. It's time to find some genuine, practical and rapid solutions on rural banking.
OPINION: Recent media commentary from Southland Federated Farmers has raised concerns among our rural communities, particularly around Environment Southland’s approach to winter grazing inspections and nitrogen reporting. But let’s be clear, much of what’s been said simply doesn’t reflect reality.
OPINION: Environment Canterbury's (ECan) decision recently to declare a so-called “nitrate emergency” is laughable.
A shameless political stunt is how Federated Farmers is describing the Canterbury Regional Council decision to declare “a nitrate emergency” on the back of its latest annual groundwater quality survey.
Federated Farmers say Environment Canterbury's decision to declare a 'nitrate emergency' is a shameless political stunt that won't help anyone.
Farmers want the Government to scrap controversial freshwater rules that "put river spirits and ideology ahead of practical water use", says Federated Farmers board member Mark Hooper.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
Rural retailer Farmlands has reported a return to profitability, something the co-operative says shows clear progress in the second year of its five-year strategy.
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