Reserve Bank changes good for farmers

Labour’s Reserve Bank Upgrade will be great for farmers and rural communities, Labour’s Primary Industries spokesperson Damien O’Connor says.

“The Reserve Bank Upgrade addresses two of the biggest problems for farmers – high interest rates and our overvalued dollar. That’s why Federated Farmers said our policy has merit.

“Interest rates and the cost of capital are the single biggest cost to farmers. Interest rate rises can be the straw that breaks the back of a farming operation struggling after a drought or other issues.

“Lower interest rates also help farmers re-invest in new technology that helps create better jobs for the local community.

“Labour’s Reserve Bank Upgrade will provide support for exporters as lower interest rates will take the pressure off our overvalued dollar. That means farmers and rural exporters can sell more offshore and create better jobs and higher wages for the regions,” Damien O’Connor says.

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