Rural debt survey a powerful tool for government
The rollercoaster of rural life takes a financial toll on everyone, and new figures reveal which Queensland industries are faring better than others.
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Rural Queensland is $1.7 million dollars in debt, according to the latest State Government survey.
Minister for Agriculture Industry Development Mark Furner released the 2017 Queensland Rural Debt Survey in Parliament on Friday.
He said it provided an important snapshot of rural finances, which would help shape policy and legislation.
The beef industry represents the greatest portion of debt: $9.4 billion, which is 54% of total state debt.
Breakdown: Debt by industry
Beef: $9.4 billion, up 1.91%
Cotton: $1.3 billion, up 2%
Sugar $1 billion, up 6.35%
Grains: $0.93 billion, down 15.12%
Sheep/Wool: $132 million, up 36.12%
Dairy: $257 million, up 8.29%
The 2017 Queensland Rural Debt Survey was undertaken by the Queensland Rural and Industry Development Authority (QRIDA) in collaboration with the Queensland Government Statisticians Office (QGSO) and with the support of all major rural lenders in Queensland and insights from agricultural industry associations.
Rural debt is defined as the total indebtedness of all farmers/rural enterprises throughout Queensland, where the servicing of the rural debt relies primarily on rural generated income.
The next Queensland Rural Debt Survey is scheduled for December 2019.
Originally published as Rural debt survey a powerful tool for government
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