Rural banking inquiry coming?

Farmers could quickly get their want for an impartial inquiry into rural banking.

Parliament’s major manufacturing committee has opened “a briefing” to research considerations raised by farmers in regards to the banking sector.

Committee chair and Northland dairy farmer Mark Cameron, ACT, advised Rural Information that committee members have heard the rising considerations and requires a briefing into the agricultural banking sector and responded.

“Farmers and growers have voiced their considerations over what they are saying is a ‘disparity’ between rural and concrete banking.

“The choose committee has opened a briefing on this to determine if the truth is these considerations are based and the way they could be addressed.”

Federated Farmers, which has been pushing for the inquiry, is claiming a serious advocacy win.

“That is one thing we’ve been calling for since September final 12 months, so it’s good to see the politicians are sitting up, taking discover, and doing one thing about it,” says Feds dairy chair Richard McIntyre.

“Whereas it might not be a full-scale inquiry simply but, it’s a constructive first step ahead that can enable Members of Parliament to take a a lot nearer take a look at the difficulty.

 “I’m hopeful that after they get their heads beneath the hood and begin trying round, they’ll be capable to see the place issues aren’t working in addition to they might be, and get to work sorting it out.”

 Federated Farmers survey members each six months on banking points, and the outcomes of the newest survey are of actual concern, famous McIntyre.

“Farmer satisfaction with their banks is at an all-time low, and the variety of farmers reporting they’ve come beneath undue stress from their financial institution is at an all-time excessive.

 “Issues are clearly not effectively within the rural banking system. That’s why Federated Farmers have been so vocal in calling for an impartial inquiry.

 “It’s nonetheless very early days, and we’re but to see the phrases of reference, however we will certainly be partaking on this course of on behalf of our members.”