Hawke’s Bay sheep and beef farmers warned to monitor stock water wells
Sheep and beef farmers in Hawke's Bay are being urged to keep a close eye on the wells that supply water to their stock.
The survey of more than 600 farmers conducted in November shows only 53% of respondents are currently satisfied with their banking relationship.
"That's a huge drop from 80% in 2017 and raises some serious questions about their behaviour," Feds' Richard McIntyre says.
Alarmingly, almost a quarter of farmers feel their bank doesn't allow them to structure their debt efficiently with 11% reporting being asked to use overdrafts for capital projects.
Forcing farmers to use their overdrafts for capital spending drives up interest costs for farmers and, surprising no one, it also drives up profit for the banks.
