New Drought Support Loans Launched
- Jess Dempster
- Apr 1
- 1 min read
The Albanese Labor Government is delivering new support for farmers and producers impacted by prolonged drought via a new loan through the Regional Investment Corporation (RIC).
This new Drought Hardship Loan is now open to farm businesses that have been affected by drought for at least 24 months and expect further impacts over the coming season.
The loan provides up to 250 thousand dollars over five years at RIC’s concessional interest rate, with no repayments of interest or principal required for the first two years.
It is designed to help farmers cover essential operating costs while managing ongoing drought impacts and planning for recovery.
The Government has committed one billion dollars for additional RIC funding, ensuring farmers and producers can continue to access loans like this.
Since July 2022, the Albanese Government has invested more than 1.2 billion dollars in rural support and drought resilience initiatives.
Agriculture Minister Julie Collins says the program reflects the Government’s commitment to long-term support and to ensuring farmers are not left behind during hardship.
Producers are encouraged to visit the RIC website for eligibility details and to apply for the loan.
The introduction of the new Drought Hardship Loan raises important considerations regarding the long-term sustainability of agricultural support systems. While financial assistance may provide immediate relief, the dependency on such loans can potentially divert farmers' attention from more sustainable practices. Moreover, the potential societal impacts of gambling, such https://www.arg.org.nz/ as The Pokies need reflection in this context, as they may also influence economic decisions in rural communities.