Last Friday, the Albanese Government announced the funding would be delivered to the Regional Investment Corporation (RIC) to enable loans to be written beyond June 2026.
It followed calls from NSW Farmers to deliver long-term funding and certainty for the tool.
NSW Farmers president Xavier Martin said it was plain and clear the RIC must continue to operate as drought continued to persist across south and west NSW.
“Thousands of farmers have used this tool to prepare, manage and recover through past droughts, so it’s good to see more investment in a service that we know works,” Mr Martin said.
“It was positive to see funding to drive drought resilience delivered earlier in the week, but that’s only one piece of the puzzle when we’ve got farmers in severe drought across New South Wales, and in other states, right now.
“Farmers are the experts in dealing with all the risks our climate throws their way – and these low interest loans enable them to do what they need to do to manage through these tough times and beyond.”
While additional funding for the service was welcome, NSW Farmers urged the Federal Government to respond to the independent review of the RIC as soon as possible.
“We need to see real assurance that this service will be available in the long term, and real consultation with industry if there’s going to be a broader scope to these loans,” Mr Martin said.
“There’s a difficult road ahead for farm businesses, and listening to what farmers had to say in the review of the RIC will be key to ensuring it remains a reliable tool to deal with risks now and into the future.”
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