Stricter and clearer rules for lending to farmers will come into force to better protect agricultural property owners in times of financial distress such as drought.
However, the Hayne royal commission recommended the responsible lending laws for consumers not be extended to small businesses more generally because such a move would likely increase the cost of credit and make loans harder to obtain for small firms.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
