A loan program to support the next generation of farmers has opened for applications. The AgriStarter Loan Program received an additional $75 million from the Australian Government to assist new entrants to farming looking to purchase, establish or develop their first farm business and to support farming succession arrangements. Individual loans of up to $2 million can be used for a range of purposes, including purchasing a farm business and other farm business assets, as well as putting it toward costs associated with the succession planning process. For more information visit www.ric.gov.au
Other benefits for the sector include significant tariff cuts and improved market access on a range of commodities traded across the Americas and Asia that took effect at the start of 2021.
According to Deputy Prime Minister Michael McCormack the cuts deliver a huge opportunity for Riverina and Central West primary producers. Tariffs on lamb and beef to Korea and some wine products and barley to Mexico will all fall in 2021, while exporters to Peru will benefit from tariff cuts on beef and sparkling wine as well as increased quotas for rise, dairy, sugar and sorghum.