First start loans take off in west

More than $100 million in concessional first start loans for young farmers have been approved in the past 12 months.

SUPPORT: Federal Minister for Agricultural Industry Development Mark Furner (second from left) and Premier Palaszczuk paid a visit to the Roma saleyards earlier this year. They are flanked by Cr Peter Flynn, Maranoa mayor Tyson Golder and Queensland Natural Resources Minister Anthony Lynham. Picture: Alexia Austin

YOUNG farmers have been continuing to enter the agricultural industry, with more than $100 million in concessional first start loans approved in the past 12 months.

The government system provides First Start loans up to $2 million to help young farmers buy or lease their first property, boosting the state's on-farm productivity.

Federal Minister for Agricultural Industry Development and Fisheries Mark Furner said the 2017-18 result was the second-highest amount approved under the Primary Industry Productivity Enhancement Scheme (PIPES).

Mr Furner said of the 228 loans approved in 2017-18, most were taken up by beef producers (58 per cent), followed by sugarcane growers (17 per cent) and grain and livestock producers (6 per cent).

"This scheme not only drives demand in the rural sector, but also helps encourage the next generation of farmers to come through, which will sustain Queensland's $20billion agriculture industry into the future,” Mr Furner said.

He said the highest number of loan approvals in 2017-18 occurred in the Mackay Regional Council area, followed by the regions in the southwest.

Mr Furner said the loans were used for a range of purposes, including property purchases, predator fencing, water infrastructure and drought mitigation.

"The total PIPES loan portfolio as at 30 June 2018 was almost $470 million, a 13.6% increase on the 30 June 2017 portfolio balance,” Mr Furner said.

"The portfolio represents more than 1,370 Queensland primary producers currently accessing benefits under the Scheme.”

Originally published as First start loans take off in west