Federal Coalition promises ag loans to help new farmers buy property

THE Coalition has promised to make it easier for younger farmers to buy property.

Prime Minister Scott Morrison, Deputy Prime Minister Michael McCormack and Minister for Agriculture David Littleproud while visiting Eumungerie Farm, NSW, last month. Picture: Mick Tsikas

THE Coalition has promised to make it easier for younger farmers to buy property.

Prime Minister Scott Morrison and Agriculture Minister David Littleproud said that if re-elected the Coalition would establish concessional “Agri­Starter Loans” to help new farmers purchase a majority share or total share of a farm, to be administered through the Government’s Regional Investment Corporation.

The Coalition has also promised an additional $10 million to tackle pests and weeds in drought-affected communities, $500 million in concessional loans for the forestry industry, $1.9 million for a National Agricultural Workforce Strategy, a $3.5 million Farm Safety Education Fund and a 2030 Protected Horticulture Strategy to build more support for export industries.

Mr Morrison said the Coalition wanted to address barriers to growth and productivity and tackle intergenerational land transfer and encourage new farmers.

Mr Littleproud said young people often didn’t have the capital or equity to buy a farm.

“We need to give our rural people a reason to stay home or come home and this will help do that.”

Earlier this year the National Farmers’ Federation called on the major parties to address farm business and succession planning issues in the farm sector.