Regional Investment Corporation funds for Victoria revealed

The Regional Investment Corporation provides a financial lifeline for farmers. Here’s what they spent in Victoria last year.

Just 19 drought and farm investment loans — worth a combined $24.1 million – were issued by the Regional Investment Corporation in the past financial year.

However, agricultural leaders expect that figure to skyrocket as the southwest Victorian drought chews into farm budgets in the coming months.

Statistics released by the RIC show in the 2023-24 financial year, the corporation settled 207 loans worth more than $214.9 million nationally — meaning the Victorian loans represented only an 11 per cent slice of the national pie.

Australian Dairy Farmers president Ben Bennett encouraged all farmers to get into touch with either a rural financial counsellor or the RIC directly.

He said Reserve Bank governor Michele Bullock’s decision this week to keep the official cash rate at 4.35 per cent meant young farmers in particular were finding it tough.

“Look, I’d encourage anyone to have a look at what the Regional Investment Corporation are offering — particularly in this era of high interest rates,” Mr Bennett said.

“You’d expect there to be a jump in the need for these services in the coming months.

“Things are bleak in southwest Victoria and other parts of Australia as well.”

Mr Bennett said he and other farmers would discuss the need for further drought assistance with Rural Assistance Commissioner Peter Tuohey when he visits southwest Victoria next week.

A RIC spokesman said from July 2018 to June 2024, the corporation settled 3129 loans valued at more than $3.37 billion.

The spokesman said of the 3129 loans during the surveyed period, 2615 were drought loans valued at more than $2.85 billion.

“We are hosting a free webinar on Wednesday September 18 at 12pm (AEDT) on the Farm Investment Loan as part of our RIC webinar series,” the spokesman said.

“Attendees will learn more about uses, eligibility and process around applying for RIC Farm Investment Loan and how the loan can support farm businesses that have experienced a severe disruption such as drought, natural disaster, biosecurity, or cumulative events.”