OPINION: Farmers given a bum bank deal for too long

Royal Commission opens eyes to big bank abuses

Bundy's cane growers are set for a win after the NAB announced it would adopt policies more supportive of farmers. Picture: Zach Hogg BUN300414CNE3

NAB has led the way and the onus is on the other big banks to follow suit.

Like many, I've felt our farmers have been given a bum deal by the banking sector over the years.

READ: Farmer help: Minister praises NAB, the bank with a 'social conscience'.

So it was a pleasant suprise to see NAB announce it will allow farmers to offset their Farm Management Deposits against their loans.　

It will also no longer charge penalty interest payments on farmers who fall into default on their loans.

The plaudits are coming fast, with the agriculture minister putting the pressure on the other banks to step up.

Whether this is a direct result of the Royal Commission into the banking and financial sector is hard to say.

I don't think anyone envisaged some of the horrifying evidence that has come out of the commission.

Let us all hope that we are now on the road to a fairer and more transparent banking future.

Our farmers deserve nothing less.